IMF sees 'some progress' on Lebanon reforms, says external support needed
BEIRUT (Reuters) -Lebanon has made progress on reforms needed to revive its economy but still has key steps to take and will need external funding on concessional terms, the International Monetary Fund said on Thursday after a week of meetings in Beirut.
Lebanon's economy went into a tailspin in late 2019, prompted by decades of profligate spending by the country's ruling elite. Reforms required to access IMF funding were repeatedly derailed by political and private interests.
Lebanon's new president and prime minister, both of whom took office in early 2025, pledged to prioritise reforms and secure an IMF financing agreement - but the country now faces additional needs with the widespread destruction and displacement caused by Israel's military campaign last year.
"The authorities have made some progress recently, including the amendment of the Bank Secrecy Law and submission of a new bank resolution law to Parliament," the IMF's Lebanon mission chief Ramirez Rigo said in a written statement.
Rigo said his mission held "productive discussions" with Lebanese officials, including on restoring the viability of the banking sector, fiscal and debt sustainability and enhancing anti-money laundering and terrorism financing measures.
He said Lebanon's medium-term fiscal framework should support the restructuring of Eurobond debts, which Lebanon defaulted on in 2020, leading to a sovereign default on its $31 billion of outstanding international bonds.
"Given Lebanon's substantial reconstruction needs, limited fiscal space and lack of capacity to borrow, the country will require significant support from external partners on highly concessional terms," the IMF statement said.
The World Bank estimated Lebanon's recovery and reconstruction needs following Israel's military campaign at $11 billion. But the U.S. has said it opposes any reconstruction funds to Lebanon until Hezbollah - the Iran-backed Lebanese armed group that fought Israel last year - is disarmed.
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She says people who didn't speak English would show her the words 'you are my guest' on their phone's translation apps, which she enjoyed. 'Everyone, no matter the young or the old, men or women, they all looked at me on the street … They called me someone from the 'Far East',' she laughs. An architecture fan, Kang notes it was the beautiful domes that lured her to Isfahan in the first place. Once one of the most important cities in Central Asia, it was a major stop on the Silk Road, a network of Asian trade routes linking China with the West that was active until the mid-15th century. Today, Isfahan is home to several UNESCO World Heritage sites, including the Masjed-e Jāmé, or Friday Mosque, which the global organization says is the oldest preserved edifice of its type in Iran and a prototype for later mosque designs throughout Central Asia. 'I am in love with the unique color of Persian blue that is used in the mosques,' says Kang. 'I was very touched when I first saw them.' 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Although some residents looked frustrated, she says the city was quite calm. During a visit to one restaurant, everyone appeared to be carrying on as normal. However, she says her inability to speak Farsi made it difficult to get a real sense of how people truly felt about the situation. 'Around 50 years ago, this place was known as the 'Little Paris of the Middle East',' she says. 'Now, most people seem to carry a sense of gloom, complaining about the government. Some strike me as highly talented and speak excellent English, yet they feel suppressed by the government and lack the means to travel abroad.' Kang finally got on a bus departing from Tehran at 10 p.m. and fell asleep. The next morning, she awoke to discover the bus had traveled less than 100 kilometers, caught in congested traffic with masses of people leaving the capital. In total, it took her around 15 hours to arrive in Tabriz. 'I was tired and hungry,' she says, adding that there was no bathroom on board the bus. After a few more struggles due to language barriers, she eventually found another bus to Maku. From there, she was able to take a taxi to the Turkish border. Crossing into Turkey at midnight, it then took another 22 hours to get to Istanbul, where she was able to catch a flight to Taiwan. 'I had never expected to run into a war,' Kang tells CNN. Many of the local Iranians she spoke with during her time in the country, she says, had a negative view of their government and wished to leave, blaming it for the poor economy, which has left ordinary citizens struggling. In total, her escape from Iran took 104 hours, but she says she wouldn't do things differently. In fact, she says she considers it one of her five top countries. 'I will never regret coming to Iran, despite the conflict,' Kang says. 'The people there are amazing, with great hospitality.'
