By Joshua Manning • 07 April 2022 • 18:29
UPDATE: France launch €30 million aid fund following Lebanon's bankruptcy
Mr. Ernesto Ramirez Rigo , who led an IMF mission to Lebanon, announced in an official statement emitted by the IMF: “The Lebanese authorities and the IMF team have reached a staff-level agreement on comprehensive economic policies that could be supported by a 46-month Extended Fund Arrangement (EFF) with requested access of SDR 2,173.9 million (equivalent to about US$3 billion). This agreement is subject to approval by IMF management and the Executive Board, after the timely implementation of all prior actions and confirmation of international partners’ financial support.”
“The authorities recognize the urgent need to initiate a multi-pronged reform program to tackle these challenges, bring back confidence and put the economy back on a sustainable growth path, with stronger private sector activity and job creation. In this regard, their plan is based on five key pillars:
Rigo went on to state that the Lebanese government have agreed to conform and collaborate with all of the measures and conditions established by the IMF, finalising his statement by expressing the IMF’S gratitude to the Lebanese government:
“The IMF team is grateful to the Lebanese authorities and several civil society and private sector groups for the open and constructive discussions and their hospitality.”
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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