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

W460

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.

SourceNaharnet
Comments 6
Missing samiam 27 June 2020, 12:10

So, I am guessing the minister wasn't being entirely truthful

http://www.naharnet.com/stories/en/272831-wazni-talks-with-imf-are-positive

Missing un520 27 June 2020, 15:14

If you want the truth, listen to this man: https://www.reuters.com/article/us-lebanon-crisis-imf/lebanon-adviser-in-imf-talks-quits-citing-no-genuine-will-for-reforms-idUSKBN23P3KA

Missing rabiosa 27 June 2020, 17:32

if I was the IMF, I would've suspend talks and tell them come back when you show substantive reforms and already implemented a few, otherwise don't waste our time.

Thumb canadianleb 27 June 2020, 18:04

The protesters need to stop protesting on the streets, they need to storm the Parliament while it is in session and round up all the crooks. Wake up people and do the right thing go after them all starying with Basil, Beri, Harirri, Jumblat spare no one

Thumb lebanon_first 27 June 2020, 18:21

The whole protest things will lead nowhere. For a simple reason. There are 1million voters in lebanon whose breadwinner is in the civil service. Each of these will vote for current politicians, berri and the gang because berri and the gang hired them in the covil service jobs and gave them livelyhood and will hire their son. Vicious circle.

At best The private sector with its deposits is the financier of this vicious cycle. At worst, it is collateral damage.

And push come to shove those million voters will vote again for berri and the gang, whatever they scand in the thawra.
The real enneny is the 300000 expensive useless arrogant overpaid redudant civil servants. ( with a few exceptions of course) who work till 2 and take 18months salary and retire at 45.

Thumb chrisrushlau 27 June 2020, 18:48

Capitalism is like democracy in that it assumes individuals make good choices. China's system is flourishing despite an official ideology (all ideologies are wrong) of Communism, which I think they've just about explained away, leaving a bureaucracy which seems to do a good job. Only when racism or another ideology is actually in charge, as in Lebanon's Christian supremacy or Israel's Jewish supremacy, do bad things ensue from the assumption that people can't be trusted. So IMF could say to Israel and Lebanon, "Look at what older brother is doing to little brother: being a thug and leading the little one to emulate him." If someone says Israel is flourishing, IMF can say, "As a bunker surrounded by millions of enemy soldiers, it's doing fine. Castles don't work, remember?"