New SDR reserves won’t fix Lebanon’s structural problems -IMF’s Georgieva
WASHINGTON, Aug 4 (Reuters) – Lebanon will receive new reserves from the International Monetary Fund worth about $ 860 million, but that will not solve the country’s chronic problems without a government empowered to pursue economic reforms, the IMF’s managing director said on Wednesday.
At a donation conference marking the anniversary of a massive port explosion that further cripples Lebanon’s economy, Georgieva said Lebanon’s new SDRs, expected to be distributed on August 23, “should be deployed to the maximum benefit of the country and its people.” “.
“But the SDR will not fix Lebanon’s long-term structural, systemic problems,” Georgieva said. “What do we need for this? We need a government empowered to reform and revive Lebanese’s crippled economy.” (Report by David Lauder; Editing by Anil D’Silva)