Report: Intl. Concern over Delayed Govt. Reforms, ‘Collapse’
International representatives reportedly warned of the consequences of Lebanon’s delay in introducing the reforms it promised, warning of an eventual collapse shall this persists, al-Joumhouria daily reported on Saturday.
According to information obtained by the daily, senior Lebanese officials received a number of “warning” messages recently inquiring about the “government’s unjustified delay in initiating urgent remedial reforms, and warned of the negative repercussions of the political struggle,” between Lebanon’s various parties.
Moreover, representatives of international financial institutions and Western ambassadors reportedly voiced concerns of the crisis that is pulling Lebanon towards a “catastrophic collapse,” expressing astonishment over the government’s delay to implement much needed reforms, said the newspaper.
Late last month, the government adopted a 53-page Financial Recovery Plan that said its economy is in a “free fall” and that an international financial rescue package is “urgently needed to backstop the recession and create the conditions for a rebound.”
The Lebanese plan vows to fight widespread corruption and to restructure of the massive debt that is one of the highest in the world. It also vows to reform infrastructure including waste management and state-run electricity company that has been one of the main burdens on state coffers over the past years.
The tiny country seeks assistance from the International Monetary Fund. Negotiations between the two paries kicked off earlier in May but the details are kept unrevealed at the request of the IMF.