Moody's Sees Lebanon 'Debt Restructuring' if No Help from IMF, World Bank
Moody's Investors Service said Monday that without technical support from the International Monetary Fund, the World Bank and international donors, it is increasingly likely that Lebanon could see "a scenario of extreme macroeconomic instability in which a debt restructuring occurs with an abrupt destabilization of the currency peg resulting in very large losses for private investors."
Caretaker Prime Minister Saad Hariri has recently asked the IMF and the World Bank for help developing a reform plan to address the economic crisis.
Lebanon’s currency has been pegged at 1,507 Lebanese pounds to the dollar since 1997, but in recent weeks it has reached more than 2,000 in the black market.
Lebanon's debt stands at $87 billion or 150 percent of GDP.
16 December 2019, 19:46
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"Caretaker Prime Minister Saad Hariri has recently asked the IMF and the World Bank for help developing a reform plan to address the economic crisis."
and he still wants to be Prime Minister? lol
The common person on the street knows how to devise a plan of reform better than any of the corrupt and incompetent ruling class.
1) Reduce the size of the Public sector by half
2) Privatize the Electricity Board, the Telecom, The port and Airport
3) Combine the Army and ISF into one since the army is nothing but a glorified ineffective police force
4)Close all 150 illegal smuggling routes between Lebanon and Syria
5) End Corruption and imprison the majority of the ruling mafia
