Lebanon's government needs to show a 'resolve for the state to function': IMF Middle East director

Lebanon's leaders need to win back the confidence of its citizenry not by announcing reforms, but through their implementation, the IMF's Middle East and Central Asia director told CNBC.

Lebanese protesters hold hands to form a human chain along the coast from north to south as a symbol of unity during ongoing anti-government demonstrations on Zalka highway north of Lebanon's capital Beirut on October 27, 2019.Lebanon's leaders need to win back the confidence of its citizenry not by announcing reforms, but by their implementation, the International Monetary Fund's director for the Middle East and Central Asia said.

"Therefore, I think it's very important now to stabilize the financial situation by addressing the fiscal imbalances, by providing clear direction of reforms that addresses some of the long lasting issues, the structural problems, and also to show that there is a resolve to have the state function to service the needs and aspirations of the people in the street."

Lebanon's central bank, the Banque du Liban, has been intervening for years to prop up the Lebanese pound by selling dollars and buying pounds. "Lebanon has been suffering for a long period of twin deficits, budget deficit and current account deficit, with the backdrop of a very low level of growth that was not able to create enough jobs," Azour said. "Therefore, what is needed today is a very strong and convincing reform package that restores confidence most of its citizens, investors and international community."

The reform plan aims to reduce the deficit in 2020 to 0.6% of GDP, but people are concerned that the measures have come too late and many are reliant on one-offs, like a one-off bank tax, that protesters say are unlikely to be implemented. An Arabic hashtag that says "no trust" is trending in Lebanon.wrote that

Entertainment Entertainment Latest News, Entertainment Entertainment Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

India is stumbling because of its prime minister’s failure to curb his darker sideNarendra Modi needs to show more of his reformist character and less of the Hindu nationalist, says Max Rodenbeck Chup be. I love how for The Economist, every fucking nation is at a crossroads. When elections are won on the basis of hatred towards Pakistan and lockdown of indianoccupiedkashmir and striping off people with citizenship. What else you can expect? Whose darker side is pulling “England” to the shit hole? Let there be another referendum called by Scotland. England will pay for its sins.
Source: TheEconomist - 🏆 6. / 92 Read more »

State Department’s Philip Reeker Testifies Top Officials Blocked Show of Support for Ousted AmbassadorA senior State Department official went before House impeachment investigators Saturday and said that top officials stymied a show of solidarity for the former U.S. ambassador to Ukraine after President Trump had her removed, according to a person familiar with his closed-door testimony. Therefore what? Yeah, so? The new American foreign policy team..😐
Source: WSJ - 🏆 98. / 63 Read more »