IMF Warns of Irreparable Consequences

The International Monetary Fund said today, Thursday, that Lebanon needs urgent action on comprehensive economic reforms to avoid “irreparable consequences” for its economy and stop a severe and worsening crisis from worsening.

International Monetary Fund spokeswoman Julie Kozak told reporters reforms are needed to stem the “severe and worsening crisis” the Lebanese economy is facing.

Concerns over Delayed Reforms

The Fund said it was concerned about the irreversible impact on the economy, given the delay in implementing reforms.

Lebanon is going through an economic and political crisis unprecedented in its history as the local lira hit 93,000 against the dollar today, Thursday, while the dollar was worth just £1,500 before the crisis hit at the end of 2019.