An International Monetary Fund delegation could visit Lebanon in the second half of March to continue discussions on an aid program supported by reforms, Lebanon’s Deputy Prime Minister Saade Chami said in a statement on Wednesday.
Lebanese officials held talks with the IMF last month with the aim of securing a deal seen as the only way to secure the country’s exit from a 2019 financial meltdown that has crashed the currency and left most of the population poor.
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An IMF technical team visited Lebanon from Feb. 28 to March 1 “to take stock of the work done already and outline the next steps needed to reach an agreement on the IMF program,” the statement said.
These would include “some legislations required prior to taking the program to the Executive Board of the IMF for final approval.”
Sources briefed on the February talks previously told Reuters these would include lifting or amending the country’s strict banking secrecy regulations, credited with boosting Lebanon’s economy in the past but now seen as hiding ill-gotten gains and enabling tax dodging.
“The two parties also agreed that any delay in undertaking the needed reforms and the supporting legislations will raise the cost of adjustment in the future,” the statement said.
Read more: IMF to continue working with crisis-ravaged Lebanon on reform program
