- An IMF fact-finding mission visited Lebanon from March 10-13. It welcomed the authorities' request for a new IMF-supported program to support their efforts to address Lebanon's significant economic challenges.
- Lebanon's economy continues to face major challenges. Humanitarian and reconstruction needs are substantial and require coordinated international support.
- Recent policy actions have helped maintain some degree of economic stability. IMF staff will remain in close contact with the authorities to help them develop a comprehensive economic reform program.
Beirut, Lebanon: An International Monetary Fund (IMF) team led by Mr. Ernesto Ramirez Rigo visited Beirut from March 10-13, 2025, to meet with the Lebanese authorities and exchange views on the current economic situation and outlook. At the end of the mission, Mr. Ramirez Rigo made the following statement:
"The team held productive discussions with President Joseph Aoun, Speaker Nabih Berri, Prime Minister Nawaf Salam, the Banque du Liban, and members of the cabinet regarding their policy and reform agenda. It welcomed the authorities' request for a new IMF-supported program to bolster their efforts in addressing Lebanon's significant economic challenges.
"Lebanon's economy remains severely depressed, and poverty and unemployment are exceptionally high since the 2019 crisis. The banking sector collapse continues to hamper economic activity and provision of credit, with depositors unable to access their funds. Infrastructure and housing destruction and displacement resulting from the recent conflict have further exacerbated Lebanon's challenges. Humanitarian and reconstruction needs are substantial and require coordinated international support. Furthermore, Lebanon continues to host a large number of refugees, which adds a significant burden to its economy.
"Recent policy actions have helped maintain some degree of economic stability. Inflation declined and the exchange rate stabilized following the elimination of the fiscal deficit since mid-2023, supported by the central bank's ending monetary financing and foreign exchange subsidies. Revenue collection has improved despite the conflict, helping to support essential spending, although expenditure pressures intensified in the second half of 2024. However, these steps are insufficient to address the ongoing economic, financial, and social challenges. A comprehensive strategy for economic rehabilitation is critical to restore growth, reduce unemployment, and improve social conditions.
"The IMF stands ready, together with the international community, to support the authorities' efforts in addressing these challenges. Following this fact-finding mission, IMF staff will remain in close contact with the authorities to help them develop a comprehensive economic reform program focused on fiscal and debt sustainability, financial sector restructuring, economic growth enablers, governance and state-owned enterprise reforms, as well as strengthening data provision to enhance transparency and inform policymaking.
"We extend our gratitude to the Lebanese authorities and other stakeholders for their constructive engagement and cooperation during this mission."
