The mystery of Lebanon's 'sacred deposits': IMF vs. Lebanese officials

Has Lebanon's agreement with the International Monetary Fund (IMF) ended? This is what is becoming apparent from the delegation's visit to Lebanon. 

According to sources closely following the meetings, the IMF delegation expressed disappointment with the statements and positions of some officials, whose main concern appears to be populism and elections, without taking any steps toward reform.

The main point of contention is the deposits that Lebanese officials refuse to acknowledge as nonexistent. They use slogans like "sacred deposits," which the IMF considers a denial of reality.

By the numbers: Out of approximately $92 billion in deposits in banks, all that remains in cash in Lebanon's central bank is about $8 billion. 

Even with this $8 billion, the IMF has warned officials about their uncertain fate, given political pressures and the state's inability.

Another issue for the IMF delegation is that some officials are marketing the idea of "having the state bear the majority of losses," protecting banks and some major depositors. 

According to sources, the IMF has informed the Lebanese that the state is bankrupt and unable to bear the losses. If it uses its assets to cover the losses, it will be unable to repay its debts, further hindering its situation.

The IMF delegation warned officials that the initial agreement is already in place and they should not attempt to make changes to its terms because it's too late.

Despite all the obstacles, the IMF delegation reaffirmed its willingness to assist Lebanon on the condition of embarking on the path of reforms. 

It hinted that if there is intent and the implementation of reforms has begun, there may be flexibility in the approach, and it informed the Lebanese parties that they should return in April.

So, will anything change?