by naharnet — The International Support Group of Lebanon on Wednesday called on the Lebanese government to “engage all relevant stakeholders, most importantly the Lebanese people, in consultations” on its financial rescue plan. “The ISG takes due note of the unanimous adoption by the Government of Lebanon of its Financial Recovery Plan as a constructive framework for future reforms as well as its decision to request an IMF program as a first step in the right direction,” the ISG said in a statement. “The ISG also takes due note of the assessment by the World Bank that the Plan recognizes the nature and depth of the crisis, the necessary structural reforms and adjustments needed to ensure a vibrant economy with sustainable growth and productive sectors, in a business climate and conditions favorable for private sector development and the prosperity of the Lebanese people,” it added. Recognizing the importance of “domestic political support” necessary for “successful conduct and rapid completion of negotiations with the IMF, the ISG encourages the Government of Lebanon to engage all relevant stakeholders, most importantly the Lebanese people in consultations on the contents of the plan and ways to expedite its implementation,” the Group went on to say. It added: “Equally, the ISG encourages the Government and Parliament to work together in creating the necessary conditions for timely implementation of the needed reforms and to ensure full transparency and accountability as demanded by the citizens of Lebanon.”

Recalling the statement of its Paris meeting December 11, 2019 and the necessary reforms that were discussed, the ISG expressed support to Lebanon “to help it overcome the current economic, monetary, and fiscal crisis and to address economic, social, security, humanitarian challenges, as well as the impact of COVID-19 facing the country.” It also called upon the international community, including international organizations and financial institutions, to support Lebanon as it seeks to address the current crisis. Voicing concern over the worsening economic situation in Lebanon and the growing poverty, the ISG said it encourages the Government to “remain committed to protect the rapidly growing number of poor and vulnerable segments of the population and encourages the Government to quickly finalize all necessary measures to unlock additional external financial assistance to address the increasingly dire humanitarian needs of the population.” The ISG also reaffirmed the need for “internal stability” and the “right to peaceful protest to be protected.” The International Support Group brings together the United Nations and the governments of China, France, Germany, Italy, the Russian Federation, the United Kingdom and the United States, together with the European Union and the Arab League. It was launched in September 2013.

BEIRUT (Sputnik – 13th May, 2020) The Lebanese government and the International Monetary Fund (IMF) have successfully concluded the first round of talks aimed at restoring the Lebanese economy, Finance Minister Ghazi Wazni said following the negotiations. The Lebanese authorities and the IMF started discussions on the financial recovery plan in the format of a video conference on Monday. Lebanon was presented by officials from the Finance Ministry and the Central Bank with Wazni leading the team. “The Lebanese government and the International Monetary Fund have completed the first round of talks with the aim of reaching an agreement that will put the Lebanese economy on the right track,” Wazni said, as quoted by the National News Agency. The minister added that the Lebanese side was satisfied with the atmosphere of the talks and expected the next rounds to be “equally constructive.