IMF warns Lebanon is still facing enormous challenges, years after economic meltdown began

Four years after Lebanon’s historic meltdown began, the small nation is still facing “enormous economic challenges,” with a collapsed banking sector, eroding public services, deteriorating infrastructure and worsening poverty, the International Monetary Fund warned Friday.

Sayrafa had helped rein in the spiraling black market that has controlled the Lebanese economy, but it has been depleting the country’s foreign currency reserves. In late August, the interim central bank governor, Wassim Mansouri, called on Lebanon’s ruling class to quickly implement economic and financial reforms, warning that the central bank won’t offer loans to the state. He also said it does not plan on printing money to cover the huge budget deficit to avoid worsening inflation.

Lebanon started talks with the IMF in 2020 to try to secure a bailout, but since reaching a preliminary agreement with the IMF last year, the country’s leaders have been reluctant to implement needed reforms.

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IMF warns Lebanon that the country is still facing enormous challenges, years after a meltdown beganBEIRUT (AP) — Four years after Lebanon’s historic meltdown began, the small nation is still facing “enormous economic challenges,” with a collapsed banking sector, eroding public services, deteriorating infrastructure and worsening poverty, the International Monetary Fund warned Friday. In a statement issued at the end of a four-day visit by an IMF delegation to the crisis-hit country, the international agency welcomed recent policy decisions by Lebanon's central bank to stop lending to the stat
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