IMF: Complete Mission to Lebanon After Formation of New Government

IMF spokesperson Jerry Rice emphasized the importance of amending the banking secrecy law in line with international practices to combat corruption, removing barriers to effective supervision of the banking sector and its restructuring, tax management, as well as investigating financial crimes and recovering misappropriated assets. In his regular press conference, Rice noted that "while the amendments to the banking secrecy law approved by Parliament on July 26 had a positive impact, authorities must review the law to improve some key provisions in line with international best practices and the staff-level agreement made in April 2022." He added that an IMF team will visit Beirut from September 19 to 21 to discuss recent developments and help expedite the implementation of measures agreed upon in the April 22 staff-level agreement. The team will pave the way for a complete mission after the formation of a new government. He stated, "It is important to implement the previous measures and reforms to put an end to the current crisis and prevent further deterioration. Delays in executing these reforms will result in increased costs for Lebanon and the Lebanese people."