IMF urges Lebanon to speed up financial reforms

By Eblt

BEIRUT, March 23 (Xinhua) -- Ernesto Ramirez Rigo, head of the International Monetary Fund (IMF) delegation to Lebanon, on Thursday called on Lebanese authorities to accelerate the implementation of financial reforms to unlock a rescue package.

"Lebanon is in a perilous situation; the progress of reforms in Lebanon is slow, given the degree of complexity of the situation," he told a press conference at the end of his visit to Lebanon, the Elnashra website reported.

"We were expecting more regarding approving and implementing legislations related to financial reforms in Lebanon," Rigo said, stressing that the final draft of the Capital Control Law does not meet the goals and needs amendments.

He also urged the Lebanese government to stop borrowing from the Central Bank of Lebanon, adding that everyone must bear losses due to the financial crisis in Lebanon as the Lebanese banking system lacks liquidity and capital at this stage.

Lebanon, which is facing the worst economic crisis in its history, has failed to implement necessary reforms to unlock aid from the IMF.

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