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IMF: Lebanon advances on funding deal
The Managing Director of the International Monetary Fund, Kristalina Georgieva, stated that Lebanon has made significant progress in its negotiations with the Fund to reach a financial program aimed at addressing the ongoing economic and financial crisis. The negotiations focused on the Financial Gap Law, which outlines the mechanism for distributing the losses incurred by the banking sector after the government defaulted on its debts in March 2020. This project faces opposition from major bank shareholders, who are burdened with the largest share of the losses. The required reforms include implementing the Banking Law, drafting the 2027 budget, and financial and debt reforms, with expectations that an agreement will be reached before the end of the year and approved by parliament by mid-2027. Progress remains contingent upon the implementation of essential reforms to achieve fiscal sustainability, after previous agreements failed due to incomplete necessary reforms.
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