An International Monetary Fund (IMF) team, led by Ernesto Ramirez Rigo, visited Beirut from March 10 to 13, 2025. The purpose of the visit was to meet with Lebanese authorities and discuss the country's economic situation and outlook.
During the mission, Mr. Ramirez Rigo stated: “The team held productive discussions with President Joseph Aoun, Speaker Nabih Berri, Prime Minister Nawaf Salam, the Banque du Liban, and members of the cabinet regarding their policy and reform agenda. It welcomed the authorities' request for a new IMF-supported program to bolster their efforts in addressing Lebanon's significant economic challenges."
Lebanon continues to face severe economic difficulties since the crisis that began in 2019. According to Mr. Ramirez Rigo: “Lebanon’s economy remains severely depressed, and poverty and unemployment are exceptionally high since the 2019 crisis. The banking sector collapse continues to hamper economic activity and provision of credit, with depositors unable to access their funds." Additionally, infrastructure damage from recent conflicts has worsened these challenges.
Despite some recent policy actions leading to reduced inflation and stabilized exchange rates due to fiscal adjustments since mid-2023, more comprehensive strategies are needed. "Recent policy actions have helped maintain some degree of economic stability," said Mr. Ramirez Rigo. However, he noted that these measures are insufficient for long-term solutions.
Mr. Ramirez Rigo emphasized that a thorough strategy is essential for economic recovery: “A comprehensive strategy for economic rehabilitation is critical to restore growth, reduce unemployment, and improve social conditions.”
The IMF expressed readiness to support Lebanon alongside international partners. They plan to continue working closely with Lebanese authorities on developing an extensive reform program focused on several key areas including fiscal sustainability and financial restructuring.
In closing remarks, Mr. Ramirez Rigo conveyed appreciation: “We extend our gratitude to the Lebanese authorities and other stakeholders for their constructive engagement and cooperation during this mission.”