International Monetary Fund spokesman Gerry Rice noted that “this dramatic economic contraction, and the significant increase in poverty, unemployment and immigration, and this hardship experienced by the Lebanese people are the result of the accumulation of many years of unsustainable economic policies.”

He explained on the sidelines of a press conference that “the program funded by the International Monetary Fund will be subject to procedures that the Lebanese authorities have previously committed to implementing, after which the Executive Council will meet to discuss and study the program.”

He also stressed the need to adopt decisive policies and reforms, pointing to the Fund’s commitment to helping Lebanon and its people overcome this crisis.

On the other hand, Rice stressed the importance of the role of Lebanon’s international financial partners in supporting the Authority’s efforts and ensuring the financing of the program and the achievement of its objectives.

Regarding the new Lebanese government, Rice stressed that “it is important that the government work to secure broad political support to initiate the comprehensive reforms necessary to restore macroeconomic stability and sustainability and the financial solvency of the financial sector with the aim of achieving more inclusive growth in the medium term.”