Lebanon committed to reform in exchange for a viable program

Lebanon committed to reform in exchange for a viable program

BEIRUT: Lebanese President Michel Aoun stressed on Monday that Lebanon is “committed to carrying out the required reforms,” but said the country “needs the IMF’s program within the limits of its applicability in Lebanon.” Aoun’s stance coincided with a warning by caretaker Prime Minister Najib Mikati for “the international community to cooperate with Lebanon to secure the return of Syrian refugees to their country, or else Lebanon will work to get Syrians out through legal means and the firm application of Lebanese law.” Aoun met with the newly appointed representative of the International Monetary Fund in Beirut, Federico Lima, who called for a speedy adoption of reforms, including capital controls, banking secrecy and other measures related to restructuring the financial sector. In April, Lebanon and the IMF signed a staff-level agreement, a mutual declaration of intent between the IMF mission and the Lebanese negotiating delegation. However, before the signing, Lebanon needs to meet all the conditions set by the IMF. Lebanon is politically divided over the adoption of the required reforms, particularly the economic recovery plan, the establishment of the independence of the judiciary and the development of a credible plan for the electricity sector, keeping the sector away from