Search
Search

IMF DEAL

France comments on Lebanon and International Monetary Fund preliminary agreement

France comments on Lebanon and International Monetary Fund preliminary agreement

The IMF permanent representative in Lebanon, Frederico Lima, and the French ambassador to Lebanon, Anne Grillo in Beirut, June 20, 2022. (Courtesy: Twitter/@AmbaFranceLiban)

BEIRUT — France will "ensure compliance with the deadlines of the preliminary agreement" between Lebanon and the International Monetary Fund (IMF), the French ambassador to Lebanon, Anne Grillo, said Monday, on the sidelines of an interview with the newly-appointed Permanent Representative of the IMF in Lebanon, Frederico Lima.

Here’s what we know:

    • In a Tuesday press release, the French Embassy in Lebanon reported that Grillo "welcomed the appointment of Mr. Lima to this post, which, after ten years of vacancy, confirms the commitment of the IMF in favor of Lebanon, and the Lebanese people."

    • The permanent appointment of a representative comes at a key moment in the negotiations between Lebanon and the IMF, with a preliminary agreement concluded on April 7 between Lebanon and the IMF, where Lebanon would receive $3 billion worth of financial assistance over 46 months if certain prior actions or reforms are implemented.

    • On the sidelines of the meeting with Lima, Grillo stated that "France would remain fully mobilized to ensure compliance with the deadlines set out in the agreement. A series of reforms need to take place before the IMF deal is signed: decisions by the Parliament and the central bank regarding the banking resolution and the unification of exchange rates, as well as vote on four laws identified as prerequisites [to the deal]: the 2022 budget; capitol control law, lifting banking secrecy, and emergency bank resolution) by Parliament.”

    • On Monday, Lima met with President Michel Aoun, caretaker Prime Minister Najib Mikati, and caretaker Finance Minister Youssef Khalil.

    • The staff-level agreement remains subject to final approval by the Executive Board of the IMF.

    • In Baabda, Aoun assured the IMF officials of Lebanon's willingness to cooperate with the IMF’s requirements in order to resolve the crisis the country is undergoing.

BEIRUT — France will "ensure compliance with the deadlines of the preliminary agreement" between Lebanon and the International Monetary Fund (IMF), the French ambassador to Lebanon, Anne Grillo, said Monday, on the sidelines of an interview with the newly-appointed Permanent Representative of the IMF in Lebanon, Frederico Lima.Here’s what we know:    • In a Tuesday press release,...