BEIRUT, March 13 (Xinhua) -- Lebanese President Joseph Aoun said Thursday that the discussions with the International Monetary Fund (IMF) have emphasized the urgency of finalizing a loan program with the fund before summer, according to a statement from the Lebanese presidency.
During a cabinet session, Aoun mentioned the government's recent meeting with an IMF delegation, saying a committee, led by Finance Minister Yassine Jaber and including key economic officials, has been formed to follow up on IMF recommendations.
"Given the previous unpromising experiences, the delegation stressed the importance of reaching an agreement with the IMF before summer and urged collaboration among all relevant Lebanese institutions. The key objective is to restore confidence in Lebanon, both domestically and internationally, which requires reforms in the economic, banking, and financial sectors," Aoun said.
The IMF delegation highlighted the need to appoint a new central bank governor, establish a unified financial data center, and pass two critical laws: further amendments to banking secrecy regulations and a framework for restructuring the banking sector.
On Wednesday, Jaber reaffirmed that Lebanon is making progress toward finalizing the IMF loan program, reiterating the government's commitment to enacting necessary reforms.
In April 2022, the IMF reached a staff-level agreement with Lebanon to provide the country with 3 billion U.S. dollars in a 46-month financing program. However, it listed a series of reform measures in the country as a precondition for a final agreement to unlock the loan. ■
