IMF's Jihad Azour evades presidential query, stresses staff-level agreement at Dubai panel

At a panel discussion on the Regional Economic Outlook for the Middle East and North Africa held in Dubai on Wednesday, Jihad Azour, the Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), expressed his concerns over the current economic situation in Lebanon. 

The discussion was moderated by Becky Anderson, who questioned Azour on whether he would be the right person for the role of President of Lebanon, in order to lead the country out of its current crisis.

While Azour chose not to answer the question about his potential role as Lebanon's president, he did speak on the dire state of the Lebanese economy, where inflation has reached triple digits and the national currency has plummeted, pushing many people into poverty. Azour pointed out that the economy's inability to recover is due to a failure to address key issues that could restore confidence and stabilize the situation.

Drawing from lessons observed in the region, Azour emphasized that delaying essential measures only reduces their impact and increases the challenges that need to be addressed. In response to a question from an LBCI reporter regarding the viability of the staff-level agreement with the IMF, Azour stated that the roadmap laid out in the agreement remains valid for Lebanon to begin the process of economic reform and transformation.

The IMF's recent Article IV consultation, which assessed the state of the Lebanese economy, concluded that addressing the country's financial system, hyperinflation, and the need for structural reforms is crucial to its recovery. Azour urged Lebanese authorities to accelerate the implementation of these measures, stressing that such actions are necessary with or without IMF support.

Azour also suggested that Lebanon could use the staff-level agreement as a platform to attract additional support from regional and global partners, which could help accelerate the country's economic recovery.