IMF Advocates for Comprehensive Reform Strategy to Foster Economic Recovery in Lebanon
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Synopsis
The IMF has called for a comprehensive financial reform plan in Lebanon to facilitate economic recovery and enhance investor confidence. During a meeting with President Joseph Aoun, IMF representative Ernesto Ramirez Rigo emphasized the need for a coordinated approach to help Lebanon overcome its current financial crisis.
Key Takeaways
- IMF urges unified financial reform in Lebanon
- Meeting with President Joseph Aoun at Baabda Palace
- Comprehensive strategy needed for economic recovery
- 3 billion US dollar financing plan contingent on reforms
- Hezbollah affirms commitment to national security
Beirut, March 12 (NationPress) The International Monetary Fund (IMF) called on Lebanon on Wednesday to implement a cohesive financial reform strategy aimed at facilitating economic recovery and reinstating investor confidence.
During a meeting with Lebanese President Joseph Aoun at Baabda Palace in Beirut, Ernesto Ramirez Rigo, the head of the IMF mission to Lebanon, presented the IMF's strategy for aiding Lebanon in overcoming its financial and economic turmoil.
As per a statement issued by the Lebanese presidency, Rigo emphasized that a synchronized plan, crafted in collaboration with Lebanese institutions and the IMF, would hasten the nation's recovery.
Aoun expressed gratitude to the IMF for its assistance and reaffirmed Lebanon's dedication to executing the essential reforms, highlighting that these actions are a national priority rather than merely an international requirement, as reported by Xinhua news agency.
In April 2022, the IMF finalized a staff-level agreement with Lebanon to extend a financial package of 3 billion US dollars over a 46-month period. However, it stipulated several reform actions in the country as prerequisites for a final accord to release the funds.
In related news, Hezbollah Secretary General Naim Qassem reiterated on Sunday that the group will not tolerate any Israeli presence in southern Lebanon, asserting Hezbollah's steadfast strength and commitment to defending Lebanon.
In a televised interview with al-Manar TV, Qassem revealed that during the ceasefire agreement, Hezbollah halted operations but remained fully militarily prepared.
"Over the past 60 days, Israel has committed numerous violations. The agreement clearly stipulates that Israel must retreat beyond the Litani River," he stated.
On internal issues, Qassem reiterated Hezbollah's commitment to national stability and governance, supporting the exclusive jurisdiction of security forces over domestic security.
However, he insisted that Hezbollah's armament is vital for countering Israel. "Israel poses an existential threat, and resistance is Lebanon's right," he asserted.
