Statement of the International Support Group
13 May 2020
- 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 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.
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. 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 the International Support Group meeting in Paris on 11 December 2019 and on the basis of the necessary reforms, including the implementation of the commitments made in the framework of the CEDRE Conference, the ISG expresses 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, and calls upon the international community, including international organizations and financial institutions, to support Lebanon as it seeks to address the current crisis.
(To read the text in its entirety, please download the PDF below)
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