IMF Will Only Support a 'Comprehensive Program' for Lebanon, Says Georgieva

An anti-government demonstrator holds a Lebanese flag as she stands on top of her car, during a countrywide lockdown to combat coronavirus, in Beirut, Lebanon April 21, 2020. (Reuters)
An anti-government demonstrator holds a Lebanese flag as she stands on top of her car, during a countrywide lockdown to combat coronavirus, in Beirut, Lebanon April 21, 2020. (Reuters)
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IMF Will Only Support a 'Comprehensive Program' for Lebanon, Says Georgieva

An anti-government demonstrator holds a Lebanese flag as she stands on top of her car, during a countrywide lockdown to combat coronavirus, in Beirut, Lebanon April 21, 2020. (Reuters)
An anti-government demonstrator holds a Lebanese flag as she stands on top of her car, during a countrywide lockdown to combat coronavirus, in Beirut, Lebanon April 21, 2020. (Reuters)

IMF Managing Director Kristalina Georgieva said on Thursday the fund would only support a "comprehensive program" for Lebanon that would tackle all the country's ills, including corruption.

"Our team is working very closely with their Lebanese counterparts," Georgieva told reporters. "We are stressing that it has to be a comprehensive program."

Lebanese officials began talks with the IMF last month to pull the Middle Eastern country out of the worst economic crisis in its history, reported AFP.

Georgieva called Lebanon's circumstances "very, very dire," and said "it has been so for a long time, and short of a strong government commitment to change the course of the country, the suffering of the Lebanese people would continue."

She said the Washington-based crisis lender was negotiating over a budget proposal that would address Lebanon's banking sector and "reforms that the country needs including more transparency for what the government does."

Lebanon defaulted on its sovereign debt in 2020, a first in its history.

Its currency has lost about 90 percent of its value on the black market and four out of five Lebanese now live below the poverty line, according to the United Nations, a situation made worse by triple-digit inflation.

Despite the economic collapse, the country's ruling class has blocked reforms that foreign donors say must happen before aid is dispensed.



G7 Foreign Ministers Say 'Now is the Time' for Lebanon Ceasefire

Smoke billows over Beirut's southern suburbs, after Israeli strikes, amid the ongoing hostilities between Hezbollah and Israeli forces, as seen from Ashrafieh, Lebanon, November 26, 2024. REUTERS/Adnan Abidi
Smoke billows over Beirut's southern suburbs, after Israeli strikes, amid the ongoing hostilities between Hezbollah and Israeli forces, as seen from Ashrafieh, Lebanon, November 26, 2024. REUTERS/Adnan Abidi
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G7 Foreign Ministers Say 'Now is the Time' for Lebanon Ceasefire

Smoke billows over Beirut's southern suburbs, after Israeli strikes, amid the ongoing hostilities between Hezbollah and Israeli forces, as seen from Ashrafieh, Lebanon, November 26, 2024. REUTERS/Adnan Abidi
Smoke billows over Beirut's southern suburbs, after Israeli strikes, amid the ongoing hostilities between Hezbollah and Israeli forces, as seen from Ashrafieh, Lebanon, November 26, 2024. REUTERS/Adnan Abidi

Foreign Ministers from the G7 democracies on Tuesday upped the pressure on Israel to accept a ceasefire deal with Hezbollah in Lebanon, saying "now is the time to conclude a diplomatic settlement."

In a draft statement at the end of a two-day meeting in Italy, the G7 ministers urged Israel to facilitate humanitarian aid delivery to Palestinians, and condemned increasing settler violence in the West Bank, Reuters reported.

The ministers also condemned recent attack on the UN peacekeeping mission in Lebanon (UNIFIL) and expressed their support for the UN Palestinian refugee agency UNRWA, saying it plays a "vital role."