| 20 May 2024, Monday |

International Monetary Fund will not provide Lebanon any penny before enacting “Capital Control” law

A delegation from the International Monetary Fund (IMF) headed by the new President Ernesto Ramirez, visited President Michel Aoun and Prime Minister Najib Mikati.

IMF delegation affirmed during the meetings that the fund is ready to continue assisting Lebanon in developing an integrated program that would enable it to confront the current financial and economic crisis. It said that “such a program requires concerted efforts by all governmental and political parties to support the comprehensive and integrated economic plan that restores confidence in the economy.”

International financial sources told Sawt Beirut International (SBI) that the delegation’s visit comes within the framework of the new head of mission’s acquaintance with the Presidents, and that the negotiations are still in their early stages, stressing that the IMP will not provide Lebanon a single penny before adopting the capital control. Therefore, there is no program or rescue plan before this basic reform.

The rise in prices since the outbreak of the crisis until today has reached unprecedented numbers, as the Inflation rate from December 2019 to October 2021 has reached 519%.

The overall inflation rate for foodstuff and non-alcoholic beverages reached 2067%. These rates are likely to rise more as the exchange rate of the lira continues to tumble against the dollar, and as the government prepares to approve receiving customs in dollars.

To shed more light on this topic, the head of the Food Importers Syndicate, Hani Bohsali, joined us.

  • Sawt Beirut International