The spokesman of the International Monetary Fund (IMF), Gerry Rice, said on Thursday, June 9th, that the IMF named a resident representative for Lebanon.
Although Rice did not reveal the name of the representative, he reiterated the IMF’s intention to continue its negotiations with Lebanon in order to reach a solution to the current crisis.
Saade Chami, the Lebanese Deputy Prime Minister in the current caretaker government, welcomed this move and stated that it is a good step for Lebanon.
He also announced that the IMF representative will offer technical support, have weekly meetings with Lebanese officials, and report directly to Washington.
The IMF has already reached an initial agreement with the Lebanese government back in April of 2022 worth $3 billion. The grant aims to help Lebanon restore growth and financial stability, however, it is tied to the ability of the Lebanese political class to undergo necessary reforms.
The Lebanese people might not afford to wait any longer for reforms. With frequent shortages of bread and medication, strikes and protests, and rapidly increasing prices, many find emigration as their only hope for a decent standard of living.
However, with a government on a “caretaker” status after the recent 2022 parliamentary elections, the parliamentary committees formed just this week, with some still pending elections, and with no clear majority in the new parliament, it looks like Lebanon’s economic woes could only worsen in the coming months.
