News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
19
o
Bekaa
12
o
Keserwan
18
o
Metn
18
o
Mount Lebanon
19
o
North
20
o
South
19
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Hiwar Al Marhala
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
19
o
Bekaa
12
o
Keserwan
18
o
Metn
18
o
Mount Lebanon
19
o
North
20
o
South
19
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Lebanon's economy in distress: IMF report calls for crucial reforms
News Bulletin Reports
2023-06-29 | 12:11
High views
Share
Share
3
min
Lebanon's economy in distress: IMF report calls for crucial reforms
Despite some perceptions of Lebanon adapting to the crisis and achieving economic stability, the latest report from the International Monetary Fund (IMF) paints a significantly bleak picture. The numbers presented in the report indicate a deeply disheartening state of affairs:
- Unemployment is around 30% (with youth unemployment reaching 58%).
- The Lebanese lira has lost 98% of its value, while inflation and skyrocketing prices have reached unprecedented levels.
- The state is bankrupt.
- The economy has contracted by 40% since the onset of the crisis.
- The Banque du Liban (BDL) has depleted around two-thirds of its foreign currency reserves.
Three governments have failed to resolve the crisis thus far.
Despite the authorities' preliminary agreement with the IMF last year, there has been no progress in implementing the necessary reforms. The IMF report cautiously warns that personal interests in Lebanon are impeding the required reforms.
The cost of delay will not only be borne by the current and future generations but also by the depositors, who have lost $10 billion since 2020, and their losses continue to worsen.
Is there any hope of restoring confidence in the banking sector and recovering deposits?
Ernesto Ramirez Rigo, the IMF's representative in Lebanon, expressed in a statement to journalists:
"The restructuring of banks must happen urgently. The losses in the financial sector are significant to the extent that no other country has faced this big of a problem. Banks bear most of the losses because the public sector is bankrupt and cannot cover these losses."
According to the IMF, the government's plan must include fundamental pillars, such as:
- Addressing the debt issue.
- Amending the banking secrecy law, as the current amendment is deemed unsatisfactory.
- Unifying exchange rates and implementing capital controls.
- Enhancing anti-corruption and anti-money laundering frameworks.
- Restructuring state institutions, particularly in the energy sector, improving public administration, reforming the pension system, and more.
Lebanon News
Lebanon Economy
News Bulletin Reports
Lebanon
Economy
Distress
IMF
Report
Call
Crucial
Reforms
Next
The BDL implements updates to Circular 158, modifying withdrawal options
Leaping forward: TotalEnergies EP Lebanon sets sights on Bloc 9 drilling license
Previous
Related Articles
d-none hideMe
0
News Bulletin Reports
2024-04-18
Economic crisis: IMF awaits Lebanon's reforms
News Bulletin Reports
2024-04-18
Economic crisis: IMF awaits Lebanon's reforms
0
News Bulletin Reports
2024-05-06
Suspicion amid anticipation: Lebanon left waiting as TotalEnergies fails to deliver Block 9 drilling report
News Bulletin Reports
2024-05-06
Suspicion amid anticipation: Lebanon left waiting as TotalEnergies fails to deliver Block 9 drilling report
0
Lebanon News
2024-05-02
Lebanon calls for international pressure on Israel, focuses on Syrian refugee crisis in meeting with EU leaders - Key statements
Lebanon News
2024-05-02
Lebanon calls for international pressure on Israel, focuses on Syrian refugee crisis in meeting with EU leaders - Key statements
0
Lebanon News
2024-04-27
Lebanon's Cabinet adopts TNO report on Issam Abdallah's killing, seeks ICC intervention
Lebanon News
2024-04-27
Lebanon's Cabinet adopts TNO report on Issam Abdallah's killing, seeks ICC intervention
Recommended For You
d-none hideMe
0
News Bulletin Reports
13:04
Israeli Defense Minister challenges Netanyahu: Rift deepens over Gaza strategy
News Bulletin Reports
13:04
Israeli Defense Minister challenges Netanyahu: Rift deepens over Gaza strategy
0
News Bulletin Reports
12:30
Jordan's Delicate Balancing Act: Caught Between Israel's Plans and Iran's Influence
News Bulletin Reports
12:30
Jordan's Delicate Balancing Act: Caught Between Israel's Plans and Iran's Influence
0
News Bulletin Reports
12:30
From Sea to River: The Ongoing Palestinian Tragedy
News Bulletin Reports
12:30
From Sea to River: The Ongoing Palestinian Tragedy
0
News Bulletin Reports
12:20
Anticipation and Aspirations: The 33rd Arab Summit in Bahrain
News Bulletin Reports
12:20
Anticipation and Aspirations: The 33rd Arab Summit in Bahrain
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Middle East News
2023-11-10
UNRWA announce death of over 100 of its employees in Gaza
Middle East News
2023-11-10
UNRWA announce death of over 100 of its employees in Gaza
0
Middle East News
2024-05-10
Iraq requests end of UN assistance mission by end of 2025
Middle East News
2024-05-10
Iraq requests end of UN assistance mission by end of 2025
0
News Bulletin Reports
2023-06-26
The enduring legacy of the Jumblatt family: A century of leadership in Lebanon's mountains
News Bulletin Reports
2023-06-26
The enduring legacy of the Jumblatt family: A century of leadership in Lebanon's mountains
0
Lebanon News
15:16
On LBCI, MP Waddah Sadek underlines the opposition's 'limited' power, examines Syrian refugee crisis - Key statements
Lebanon News
15:16
On LBCI, MP Waddah Sadek underlines the opposition's 'limited' power, examines Syrian refugee crisis - Key statements
Videos
d-none hideMe
0
Lebanon News
2024-05-14
Exclusive LBCI interview: Canadian FM urges ceasefire and Resolution 1701 adherence in Lebanon talks, discusses Canadian support for LAF, UNIFIL
Lebanon News
2024-05-14
Exclusive LBCI interview: Canadian FM urges ceasefire and Resolution 1701 adherence in Lebanon talks, discusses Canadian support for LAF, UNIFIL
0
Lebanon News
2024-04-30
University Students Organize Solidarity Protest for Palestine (VIDEO)
Lebanon News
2024-04-30
University Students Organize Solidarity Protest for Palestine (VIDEO)
0
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
0
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
0
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
0
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
0
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
0
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
0
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
00:29
Hezbollah field commander killed in Israeli drone strike in southern Lebanon: AFP source
Lebanon News
00:29
Hezbollah field commander killed in Israeli drone strike in southern Lebanon: AFP source
2
Lebanon News
03:57
Hezbollah leader Nasrallah meets with Hamas delegation to discuss Gaza war developments
Lebanon News
03:57
Hezbollah leader Nasrallah meets with Hamas delegation to discuss Gaza war developments
3
Lebanon News
08:56
Addressing Syrian refugee crisis: Lebanese Parliament takes action, presents comprehensive recommendations
Lebanon News
08:56
Addressing Syrian refugee crisis: Lebanese Parliament takes action, presents comprehensive recommendations
4
Lebanon News
06:27
Hezbollah's strike disrupts equipment at Meron Air Surveillance Base
Lebanon News
06:27
Hezbollah's strike disrupts equipment at Meron Air Surveillance Base
5
World News
00:03
US State Department moves $1 bln weapons aid for Israel to congressional review
World News
00:03
US State Department moves $1 bln weapons aid for Israel to congressional review
6
Lebanon News
05:14
PM Mikati emphasizes that European aid reinforces Lebanon's response to Syrian refugee crisis
Lebanon News
05:14
PM Mikati emphasizes that European aid reinforces Lebanon's response to Syrian refugee crisis
7
Lebanon News
14:58
Hezbollah launches drones at military base west of Israel’s Tiberias
Lebanon News
14:58
Hezbollah launches drones at military base west of Israel’s Tiberias
8
Israel-Gaza War Updates
06:32
Netanyahu rejects UN General Assembly resolution supporting recognition of Palestinian state
Israel-Gaza War Updates
06:32
Netanyahu rejects UN General Assembly resolution supporting recognition of Palestinian state
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More