Lebanon reaches tentative deal with IMF on economic policies
ABC News
Lebanon and the International Monetary Fund have reached a tentative agreement on comprehensive economic policies that could eventually pave the way for unlocking billions of dollars in loans to the crisis-hit country
BEIRUT -- Lebanon and the International Monetary Fund on Thursday reached a tentative agreement for comprehensive economic policies that could eventually pave the way for some relief for the crisis-hit country, after Beirut implements wide-ranging reforms.
The four-year agreement, which is subject to approval by IMF management and executive board, was announced by Lebanese Prime Minister Najib Mikati after a meeting with IMF delegates in Beirut. He said Lebanon promised the IMF that Beirut would implement the required reforms in the small Mediterranean nation notorious for corruption.
The tentative agreement — a first step on what is sure to be a long and complicated road — provides a glimmer of hope for Lebanon, which has long been in the grips of a devastating economic crisis. The World Bank has described the crisis as one of the worst the world has witnessed in more than 150 years.
The IMF said in a statement that Lebanese authorities and the IMF team that has been in Lebanon since March 28 reached “a staff-level agreement on comprehensive economic policies” that could be supported by a 46-month Extended Fund Arrangement, or EFF, with requested access of about $3 billion.
