Lebanon: economic needs 6-7 years to get out of the crisis

Lebanon will be able to beat the deep crisis in the economy and finance sphere in 6-7 years, effectively reforming the country’s economy. This was stated by the President of Lebanon Michel Aoun. The reforms’ implementation prearranged with the International Monetary Fund will contribute to constructive customization in the economy. The Lebanese government, which estimates the country’s budgetary losses at $69 billion, hopes to sign a lending agreement with the IMF in the first two months of next year. To improve the Lebanese economy, the authorities need $10-12 billion in aid. The IMF can provide it with the condition of reforming the banking sphere and the country’s tax arrangement. The government has to carry out a lot of work to restructure the national debt, as well as to stop paying subsidies made under several items. In addition, the parliament must adopt a law to ensure supervision over the movement of capital, and the state apparatus in the country must be reduced. The central bank of Lebanon is to undergo an audit. The IMF also proposes the introduction of a single change rate for the national currency in the country.


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Arseny Kudrin

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