The IMF recently conducted a virtual mission with Lebanon that spanned from January 24 to February 11, with the mission involving virtual discussions with Lebanese authorities on the framework and policies of an IMF-supported economic reform program. Mr. Ramirez Rigo, the leader of the mission, commented at the end of the discussions that the unheralded and complicated nature of the Lebanese crisis necessitates an inclusive program to stabilize the economy, address entrenched challenges and lay the foundations for a sustainable and robust economic growth. Mr. Rigo also added that Lebanon’s economic program must encompass specific and time bound actions related to five pillars namely, fiscal reforms that ensure debt sustainability, restructuring of the financial sector to restore confidence, reforming state-owned enterprises (particularly EDL), boosting governance to ameliorate transparency and a credible exchange rate system. Mr Rigo revealed that some progress was achieved on prioritizing the aforementioned reform areas, yet commented that some work is still needed to concretize policies related to said areas. In details, Mr. Rigo revealed that the size of the financial sector’s losses is quite clear and that these losses must be addressed in such a manner that shields small depositors. Mr. Rigo commended the 2022 emergency budget as an “opportunity” to start tackling the dismal financial situation. Mr. Rigo stressed on the importance of developing a medium-term fiscal strategy that takes into consideration debt sustainability while leaving space for social spending and reconstruction. The head of the IMF commission also urged the need to combat corruption and enhance transparency by launching the procurement commission and lifting the banking secrecy law. Finally, Mr. Rigo revealed that talks will continue with the authorities over the upcoming weeks.