The International Monetary Fund’s (IMF) managing director Ms. Kristalina Georgieva issued a statement on August 9, 2020 during the “International Conference on Support to Beirut and the Lebanese People” in the aftermath of the horrendous explosion that took place on August 4 in Beirut. Ms. Georgieva thanked French President Mr. Emmanuel Macron for uniting the international community just days after the explosion in Beirut while expressing “heartfelt solidarity with the Lebanese people”.

In a related note, Ms. Georgieva focused in the statement on the necessary reforms needed to “pull Lebanon from the brink of economic collapse” while highlighting the need for all Lebanese institutions and policymakers to unite and face the harsh economic and social crisis. These reforms are required to unlock billions of dollars for the Lebanese people in an endeavor to:

1. Restore the solvency of public finances and the soundness of the financial system
2. Put in place temporary safeguards to avoid continued capital outflows
3. Take up front steps to reduce the protracted losses in many state-owned enterprises
4. Expand social safety net to protect the most vulnerable people