An International Monetary Fund (IMF) delegation will arrive in Beirut next week to evaluate the reforms implemented by the Lebanese government. Sources indicate that the visit will serve as an opportunity to assess the current stagnation, particularly regarding the legislative projects submitted to the parliament, which have seen little progress in review and approval. Key issues include banking restructuring, financial order (addressing losses and deposits), and capital control.
Sources mentioned a debate between the government and parliament, which was evident in last week's exchanges between Deputy Prime Minister Saadeh al-Shami and Ibrahim Kanaan, head of the Finance and Budget Committee, regarding who is responsible for the delays in reforms—whether it is the government's or parliament's responsibility.
The delegation is expected to hold meetings at the Central Bank to assess the interim governor Wassim Mansouri's stance on not lending to the state, be it in dollars or Lebanese pounds. Additionally, they will review the latest steps taken to launch the "Sayrafa Bloomberg" platform, although the government has not officially approved its launch, and training has yet to begin, with an estimate of one to two months needed for readiness. The IMF is advocating for the unification of exchange rates, and the promised new platform will be a step in that direction. Its success will depend on its transparency and the ability to accurately record genuine supply and demand.
Furthermore, the delegation will evaluate the 2024 budget project and review the lack of reform measures within it. Sources assert that international warnings will increase in the coming period on multiple fronts, especially regarding the risks posed by the expansion of a cash economy while relying on untrustworthy banks, whose existence, albeit nominal, is uncertain given their bankrupt status.
On another note, sources refuted some leaks associated with the interim Central Bank governor's visit to Saudi Arabia, particularly those regarding meetings requesting support. The primary purpose of the visit was to attend a banking conference, with other meetings being ceremonial and not discussing any requests for assistance or loans from the Kingdom. In this regard, Saudi Arabia, as part of a coordinated Arab and international position, encourages the Lebanese to undertake reforms in accordance with the agreement with the IMF before any further discussions on assistance or loans.
