Lebanon President Calls for Urgent Economic Reforms with IMF Guidance

President Joseph Aoun of Lebanon emphasized the need for economic reforms during a cabinet meeting, urging the implementation of IMF recommendations. Key measures include a unified data center for Finance, amendments to banking laws, and the appointment of a Central Bank president. He also highlighted the importance of monitoring government expenditures in relation to the recently approved 2025 state budget.

On Thursday, President Joseph Aoun of Lebanon convened a cabinet meeting where he underscored the necessity for economic reforms as outlined by the International Monetary Fund (IMF). Since his election by parliament in January, Aoun has been advocating for these reforms to restore confidence in Lebanon’s economy.

During the meeting, President Aoun reported on his discussions with an IMF delegation, emphasizing their urgent recommendation to finalize an economic reform program prior to the summer, following several previous failed attempts. The state news agency NNA noted that the IMF highlighted the importance of establishing a unified data center within the Finance Ministry and amending the Banking Secrecy Law alongside banking sector restructuring legislation.

In addition, the IMF delegation urged the Lebanese government to expedite the appointment of a president for the Banque du Liban, the Central Bank of Lebanon. Aoun also referred to the approval of the 2025 state budget in a prior meeting, instructing the finance minister to closely monitor government expenditures and submit quarterly financial reports.

Furthermore, it was noted that Lebanon’s price growth has seen a deceleration, indicating potential improvements in economic conditions.

In summary, President Joseph Aoun’s recent cabinet meeting highlighted the critical need for Lebanon to implement IMF-recommended economic reforms. Key points include the establishment of a unified data center, amendments to financial laws, and timely appointments within the Central Bank, all aimed at strengthening economic confidence. Furthermore, the government’s commitment to effective budget oversight indicates a proactive approach to fiscal management.

Original Source: anba.com.br