BEIRUT (AP) — Four years after Lebanon’s historic meltdown began, the small nation is still facing “enormous economic challenges,” with a collapsed banking sector, eroding public services, deteriorating infrastructure and worsening poverty, the International Monetary Fund warned Friday.
Since the financial meltdown began in October 2019, the country’s political class — blamed for decades of corruption and mismanagement — has been resisting economic and financial reforms requested by the international community.
Lebanon started talks with the IMF in 2020 to try reach an approved bailout, but since reaching a preliminary agreement with the IMF last year, the country's leaders have been reluctant to implement needed reforms.
“Lebanon has not undertaken the urgently needed reforms, and this will weigh on the economy for years to come,” the IMF statement said.
The IMF said that all official exchange rates should be unified at the market exchange rate.
Persons:
Sayrafa, Wassim Mansouri, —
Organizations:
International Monetary Fund, IMF
Locations:
BEIRUT, Lebanon