IMF: Lebanon Needs Urgent Economic Reforms to Halt Deepening Crisis

IMF staff concluded a consultation with Lebanese authorities on June 1, IMF spokesperson Julie Kozack told reported, and they concluded that reforms were urgently needed to arrest the “severe and deepening crisis” facing the country’s economy.

“Lebanon needs urgent action to implement a comprehensive economic reform program to arrest the severe and deepening crisis and to allow Lebanon's economy to recover,” Kozack confirmed. 

She further added: “We are concerned about irreversible consequences for the economy, especially for the poor citizens of Lebanon and the middle class.”

Kozack noted that the IMF remained engaged and was willing to support Lebanon, but the country would also need strong financial support from the broader international community in the coming years. “To that end, it was critical that Beirut secure broad political support to implement the economic reforms that were agreed with the IMF in April 2020 to end the current crisis,” she said.