WASHINGTON: Lebanon’s economy has shown resilience despite conflicts in the region, with tourism fueling a bit of a rebound, but restoring growth will require comprehensive reforms, the International Monetary Fund said on Thursday.
IMF spokeswoman Julie Kozack said the global lender remains engaged in complex discussions with Lebanese authorities following their request for an IMF-supported program in March 2025.
The IMF sent a staff mission to Beirut earlier this month.
The talks have been focused on two big issues, she said, citing the need for banking sector restructuring and a medium-term fiscal strategy.
“The economy has shown resilience despite the impact of conflicts in the region. It has had a bit of a rebound on the back of tourism from the strong diaspora,” Kozack said.
“But at the same time, really restoring strong and sustainable growth will require a comprehensive set of reforms to tackle some of the structural weaknesses that have really hampered Lebanon’s economic performance for many years,” she said.
Reforms also are needed to attract international support to help Lebanon address its substantial reconstruction needs.
Kozack said Lebanon needs an updated medium-term fiscal framework that includes concrete measures to mobilize additional revenues for much-needed capital spending, as well as a sovereign debt restructuring to restore debt sustainability.
Restoring Lebanon’s economic growth will require comprehensive reforms, IMF says
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Restoring Lebanon’s economic growth will require comprehensive reforms, IMF says
- Kozack said the global lender remains engaged in complex discussions with Lebanese authorities
- “The economy has shown resilience despite the impact of conflicts in the region”
Vessel struck off Oman’s Muscat, UKMTO says
DUBAI: A vessel was struck on Sunday by an unknown projectile 50 nautical miles north of Oman’s capital, Muscat, the United Kingdom Maritime Trade Operations agency said.
The attack resulted in a fire in the vessel’s engine room that has been brought under control, UKMTO added.
It is the second incident the agency reports on Sunday after reporting an incident off Oman’s Kumzar in the Strait of Hormuz.
Iranian state television said Sunday that an oil tanker was sinking after it was struck while attempting to pass through the strategic Strait of Hormuz.
The incident took place as Iran exchanged strikes with the United States and Israel, who launched an attack Saturday that killed the Islamic republic’s supreme leader.
“The fate of the offending oil tanker that was struck while attempting to illegally pass through the Strait of Hormuz is that it is now sinking,” state TV reported, without elaborating.
It carried footage showing heavy black smoke emanating from the burning tanker at sea.
The strait carries a quarter of the world’s seaborne oil and a fifth of all liquified natural gas.
On Saturday, Iran’s Revolutionary Guards had warned that the vital waterway was unsafe due to US and Israeli attacks and was therefore closed to ships.
