@IMFNews’ ArtIV mission to #Lebanon concluded w this stark statement (in a presser no Lebanese official attended).
A last wake-up call before ultimate act of homicide this country’s mafiacracy is committing vs its people in order to save its a*s.. imf.org/en/News/Articl…
A last wake-up call before ultimate act of homicide this country’s mafiacracy is committing vs its people in order to save its a*s.. imf.org/en/News/Articl…
«#Lebanon is at a dangerous crossroads, & w/out rapid reforms will be mired in a never-ending crisis. A continuation of the status quo & additional delays in implementing reforms will keep the economy depressed, with irreversible consequences for the whole country.»
«W/out acknowledging & credibly addressing the large financial gap in the banking sector,banks will not be able to provide meaningful credit to support the economy,small depositors will continue to incur large losses,while medium/large deposits will remain indefinitely locked.»
«Informality of the econ will further increase,reducing scope for taxation & further depressing budgetary spending,while increasing risk of illicit activities entrenched in the economy. Emigration,particularly skilled labor, wld accelerate,further undermining growth prospects.»
«There is an alternative path leading to stability and growth:
This requires acknowledging & addressing upfront large losses incurred by the central bank & commercial banks,respecting the hierarchy of claims,protecting small depositors,& limiting recourse to the public sector.»
This requires acknowledging & addressing upfront large losses incurred by the central bank & commercial banks,respecting the hierarchy of claims,protecting small depositors,& limiting recourse to the public sector.»
«Viable banks should be restructured & recapitalized under a timebound plan, & unviable banks should exit the market.
The effective implementation of the strategy requires amending the Banking Secrecy Law.»
@IMFNews statement re-#Lebanon’s collapse -
The effective implementation of the strategy requires amending the Banking Secrecy Law.»
@IMFNews statement re-#Lebanon’s collapse -
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