Secondary entrance of the Banque du Liban in Beirut. (Credit: L'Orient Today)
BEIRUT — It’s been over two years since Lebanon reached a staff-level agreement (SLA) with the International Monetary Fund (IMF) to unlock a $3 billion aid package, contingent on the implementation of nine prior actions by the government. The organization had called for a series of reforms, including the restructuring of Lebanon's central bank, Banque du Liban (BDL).“The rehabilitation of Lebanon's banking system requires fundamental governance reforms, including modernizing the institutional framework of BDL to increase transparency and accountability,” Frederico Lima, IMF resident representative for Lebanon told L’Orient Today.“The central bank law should be aligned with best practices by, among other things, prohibiting quasi-fiscal operations, ensuring effective collegial decision-making, and enhancing the institutional and financial...
BEIRUT — It’s been over two years since Lebanon reached a staff-level agreement (SLA) with the International Monetary Fund (IMF) to unlock a $3 billion aid package, contingent on the implementation of nine prior actions by the government. The organization had called for a series of reforms, including the restructuring of Lebanon's central bank, Banque du Liban (BDL).“The rehabilitation of Lebanon's banking system requires fundamental governance reforms, including modernizing the institutional framework of BDL to increase transparency and accountability,” Frederico Lima, IMF resident representative for Lebanon told L’Orient Today.“The central bank law should be aligned with best practices by, among other things, prohibiting quasi-fiscal operations, ensuring effective collegial decision-making, and enhancing the institutional...
