Deputy Prime Minister Al Shami: IMF agreement still in effect, reforms key to progress

Deputy Prime Minister Saadeh Al Shami confirmed that the agreement at the level of personnel with the International Monetary Fund (IMF), which was reached in April of last year, is still in effect. 

He pointed out that "the IMF is waiting for us to take all the necessary measures to reach a final agreement. If we approve all the required reforms today, there is nothing preventing us from reaching this agreement, but after making some modifications imposed by the delay."

Al Shami noted that the impression that the agreement with the IMF has stalled even after the election of a new president and the formation of a new government may be due to the fact that the last delegation faced difficulties by some parties responsible for implementing these reforms. 

He added, "What also supports this impression is that the current authorities, in all their components, have not fulfilled their commitments, which were expressed in support of the agreement before it was announced in April of last year. Therefore, perhaps with a new president and a new government, this might be possible, although the current parliament will remain in place until 2026."

Al Shami explained that it is logical and imperative that any agreement with the IMF takes into consideration the specificity and the current situation of the country. 

He said, "We have been keen on this during the negotiations. However, at the same time, specific criteria cannot be adopted for a country inconsistent with international standards."

Regarding assigning responsibilities for the delay, Al Shami stated, "Everyone is responsible, albeit in varying forms. But if we adopt some of the required reforms and laws correctly, we would have made significant progress towards reaching an agreement, and the IMF would have become more flexible on some remaining contentious issues."

"Some wonder how long the IMF can wait, but the question should be how long Lebanon can wait. Time is pressing, and continuing to rely on 'buying time' and 'shadow' plans will not lead to the desired results," he added.