Mr. Gerry Rice from the IMF Communications Department commented during the IMF Press Briefing held on May 19, 2022 that Lebanon is facing an unprecedented crisis which resulted in a sizeable economic contraction, a large increase in poverty, brain drain and rising unemployment. Mr. Rice noted that the agreement inked with Lebanon could be supported by a financing program from the IMF which would require a commitment by the Lebanese authorities beforehand. Mr. Rice added that conclusive policies and crucial reforms are needed, noting that the IMF remains fully committed to help Lebanon and its people to overcome the crisis. Mr. Rice also stated that financing support on concessional terms from Lebanon’s international partners will be necessary to support the authorities’ efforts and ensure that the program is properly financed and can meet its objectives. On the political front, Mr. Rice noted that it’s necessary for the Lebanese government to secure broad political support, begin with the comprehensive reforms needed to restore macroeconomic stability, debt sustainability and financial sector solvency.