President Joseph Aoun (in the center) during his meeting with the IMF delegation led by Ernesto Ramirez-Rigo. Photo published on the presidency's X account.
A delegation from the International Monetary Fund (IMF), led by Lebanon mission chief Ernesto Ramirez-Rigo, met Wednesday with President Joseph Aoun, Prime Minister Nawaf Salam, and Parliament Speaker Nabih Berri, as part of a series of "technical" meetings.
At the Baabda Presidential Palace, Ramirez-Rigo urged Lebanon to implement a "unified financial reform plan" to begin the country's recovery, which has been in a socioeconomic crisis since 2019, further strained by the war between Israel and Hezbollah, according to a statement on the presidency's X account. Aoun affirmed that Lebanon remains "committed to continuing the implementation of reforms."
The delegation then met with Salam at the Grand Serail and with Berri at Ain al-Tineh. Finance Minister Yassine Jaber also met with the delegation and provided details about the visit.
Reform roadmap
Speaking at a press briefing after what he described as a "frank" and "positive" meeting, Jaber said a "roadmap" had been established to put Lebanon back on the path to reforms. "The intention is to establish a program with the IMF," he stressed, assuring that all concerned parties will have a say in shaping a "new plan."
Jaber also said the IMF would send a delegation in early April, by which the government is expected to appoint a full-time central bank governor to replace interim governor Wassim Manssouri. The new governor will play a key role in reforming the banking sector and addressing the issue of frozen deposits, Jaber added.
If no governor is appointed by early April, Lebanese officials will meet with the IMF in Washington during the IMF-World Bank spring meetings, Jaber said.
The IMF delegation has also been holding "technical" meetings before and after its high-level political talks. On Tuesday, the delegation met with "executives and specialized experts from the Finance Ministry" to develop recommendations for enhancing public financial transparency and implementing broader reforms.
Meetings were held with the Directorate of Revenues and the Higher Council of Customs. Discussions also covered integrating IT systems across state institutions and launching an audit of all government accounts — an initiative Salam called for on Feb. 20.
Jaber also mentioned another meeting set for Thursday with Economy Minister Amer Bsat, the Banque du Liban governor (BDL), and other relevant officials. The banking supervision commission is also expected to attend.
On Wednesday morning, reports surfaced about a meeting involving banking sector experts, with the IMF expected to discuss three main issues: BDL’s intervention in the foreign exchange market, banking restrictions on transfers, and approvals for certain international financial transactions. It remains unclear if this is the same meeting, as the IMF does not disclose its schedule in advance.
A source familiar with the visit said the delegation's mission has two main components: restarting discussions on Lebanon's IMF financial assistance program and addressing technical aspects related to Article VIII of the IMF’s statutes, which govern markets and foreign exchange transactions.
While Article IV consultations periodically assess the economic health of IMF member states, Article VIII obligations aim to promote international monetary stability by ensuring fair and transparent practices in international payments and reserve management. These obligations include prohibiting restrictions on current payments or discriminatory monetary practices, except in exceptional cases.
Stalled IMF deal
Ramirez-Rigo was appointed at the end of 2021, replacing Martin Cerisola. Under his tenure, former Prime Minister Najib Mikati, former President Michel Aoun, and Berri signed a preliminary agreement (Staff-Level Agreement) with the IMF in April 2022.
This agreement remains the only tangible progress in talks between Lebanon and the IMF since the country's economic collapse in late 2019. However, Lebanon has yet to meet its reform commitments — prerequisites for moving to the next stage: securing an IMF-funded aid program. Key pending reforms include a strategy to resolve the banking sector crisis, an overhaul of banking secrecy laws, and the establishment of a unified exchange rate.
Aoun and Salam, whose arrival in office revived Lebanon's institutional framework earlier this year, have pledged to push these issues forward.
