IMF Director: No Signs of a Breakthrough for Lebanon's Economic Crisis

by Naharnet Newsdesk 27 June 2020, 09:43

International Monetary Fund Managing Director Kristalina Georgieva said that “there is no reason yet to expect a breakthrough for the economic crisis in Lebanon,” media reports said.

Georgieva stated that the global economic crisis caused by coronavirus could “ultimately be a test of the $1 trillion resources of the fund, but we have not reached that point yet,” she stated in online remarks Friday.

She said that the “recovery from the global interruption of business and travel activities must begin, despite the widespread presence of the virus, and the countries of the International Monetary Fund are ready to provide more support to the fund if necessary."

Lebanon negotiations with the IMF continue and the country is seeking around $9 billion in bailout to salvage its sagging economy.

But hopes for a quick bailout deal with the IMF were complicated because of a dispute between the government and the Central Bank of Lebanon over the size of the losses in the financial system.

Source: Naharnet

https://www.naharnet.com/stories/en/272884