BEIRUT, March 23 (Reuters) - The International Monetary Fund warned on Thursday that Lebanon was in a very dangerous situation a year after it committed to reforms it has failed to implement, and the IMF urged the government to halt borrowing from the central bank.
"One would have expected more in terms of implementation and approval of legislation" related to reforms, he said, noting "very slow" progress.
"Lebanon is in a very dangerous situation," he added, in unusually frank remarks.
Still, Rigo said that the IMF would "never walk away" from helping a member country and there was no deadline for Lebanon to implement the reforms.
Rigo said that Lebanon should move towards a market-determined exchange rate, rather than maintaining multiple rates including the central bank's Sayrafa exchange rate, which is not set by market forces.