IMF wraps up its visit to Lebanon with a meeting with Michel Issa

BEIRUT — The International Monetary Fund (IMF) delegation, led by mission chief for Lebanon Ernesto Ramirez Rigo, concluded its visit to Lebanon, which began on Monday, with a stop in Awkar, where it met with U.S. Ambassador Michel Issa.

"The ambassador discussed with Ernesto Ramirez Rigo ways to restore Lebanon's international credibility and attract foreign investment. They reviewed recent economic developments and Lebanon's progress on key financial reforms necessary to draw more American businesses," the statement said.

"Achieving a stable and prosperous future for Lebanon requires both comprehensive financial restructuring and a foundation of peace and security that restores the confidence of the international community," it added.

The delegation arrived Monday to address several issues related to the reforms that Lebanon must implement to clean up its financial system and revive its economy, benefiting from the IMF through a financial assistance program.

Several meetings took place during the week before a closing meeting Friday at 11 a.m. According to Prime Minister Nawaf Salam and Finance Minister Yassine Jaber, the discussions were "positive," even though the country still has some way to go to convince the IMF to grant an assistance program.

Although they do not intervene directly in the negotiations, the United States holds some weight at the IMF with 17.4 percent of the votes on the Executive Board. While some observers regularly point out the possibility that the IMF might relax certain requirements if the Lebanese State's monopoly on arms is restored, this scenario has not been corroborated by any official statement from Lebanese authorities, the IMF or any other party.