Qatar – Slow progress as Lebanon awaits IMF economic deal

Qatar – Slow progress as Lebanon awaits IMF economic deal

Lebanese pound banknotes are seen at a currency exchange shop in Beirut. The currency has lost more than 90% of its value in two years, and four out five Lebanese are living under the UN's poverty threshold. Lebanon is mired in an economic crisis branded by the World Bank as one of the worst in modern times, but officials are yet to strike an international bailout deal. The financial meltdown began in 2019, and Lebanon defaulted on its debt last year. Politicians have failed to enact significant reforms to rescue the Mediterranean country, and many blame the ruling class and central bank policies for the crash. What is delaying progress on talks with the International Monetary Fund (IMF) to strike a deal and unlock crucial donor funds? How bad is the crisis? Lebanon's GDP has plummeted from about $55bn in 2018 to a projected $20. 5bn in 2021, a"brutal contraction" that the World Bank says"is usually associated with conflicts or wars". Negotiations with the IMF opened in May 2020, but after two months they stalled amid arguments over the size of financial losses. Talks resumed in September this year after the formation of a new government headed by Prime Minister