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Asharq Al-Awsat
Asharq Al-Awsat
World
Asharq Al-Awsat

US Official: Lebanon Has 'No Other Way Out' of Crisis than IMF Deal

Demonstrators carry banners during a protest organized by Depositors' Outcry, a group campaigning for angry depositors, near Lebanon's Central Bank building in Beirut, Lebanon October 5, 2022. REUTERS/Aziz Taher/File Photo

Lebanon has no alternative for economic recovery but to make progress on a deal with the International Monetary Fund, US Assistant Secretary of State for Near Eastern Affairs Barbara Leaf said in an online briefing on Thursday.

Leaf, who visited Lebanon and other countries in the region in recent weeks, said Lebanese leaders appeared to lack a "sense of urgency" to get their country out of a severe economic and political crisis.

The IMF warned last Thursday that Lebanon was in a very dangerous situation a year after it committed to reforms it has failed to implement.

IMF mission chief Ernesto Rigo told a news conference in Beirut that the authorities should accelerate the implementation of conditions set for a $3 billion bailout.

Lebanon signed a staff-level agreement with the IMF nearly one year ago but has not met the conditions to secure a full program, which is seen as crucial for its recovery from one of the world's worst financial crises.

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