Lebanon to seek IMF assistance to help with economic crisis
The prime minister said Lebanon would seek $10 billion in loans from the international financial institution after passing a reform bill.
Lebanon will seek assistance from the International Monetary Fund (IMF) to help deal with its economic crisis, the government announced today.
In an address to the nation, Prime Minister Hassan Diab outlined several economic reforms passed by the government. He said Lebanon would seek more $10 billion in loans from the IMF.
The plan seeks to address many of Lebanon’s economic woes, and envisions economic growth by 2022. It also stipulates reforms for Lebanon’s electricity sector, which takes $2 billion from the state budget each year and leaves much of the country without electricity for several hours a day. It also includes progressive taxation and stabilizing the exchange rate of the Lebanese pound, which has plummeted in value vis-a-vis the US dollar, according to The Daily Star.
In his remarks, Diab also said the state’s financial and banking sectors would be reorganized in order to fight corruption.
