“IMF says more work needed on Lebanon reforms”

Key points

• IMF says further work is required to reach an agreement on restructuring Lebanon's banking sector.
• An April 2022 staff-level agreement outlined conditions including a financial gap law not yet voted on.
• Progress noted on clarifying approaches by BdL and the Government and aligning with international standards.
• Disagreement remains on strategy for durable restructuring and loss distribution, delaying an agreement.
• Lebanon's 2019 crisis losses were estimated at $70 billion in 2022, with figures rising since.