Economics
Lebanon Strikes $3 Billion IMF Deal in Step To Addressing Crisis
- Reforms required before staff-level deal reaches IMF board
- Lebanon has struggled to implement banking, currency reforms
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Lebanon reached a preliminary deal with the International Monetary Fund for a $3 billion loan to help it overcome its financial crisis, but the agreement won’t be considered for final approval until authorities implement a series of deeply divisive reforms.
Bankrupt and running out of cash to pay for fuel and medicine, Lebanon desperately needs external financing -- and IMF endorsement -- to get through its worst financial crisis since the 1975-1990 civil war.