The International Monetary Fund will send a team to Lebanon at the end of September to continue discussions on Beirut's comprehensive reform programme.
“Discussions on formulating a comprehensive reform programme continue, and the end goal is to eventually have [one] supported by an IMF programme,” IMF Communications Director Julie Kozack said during a press briefing on Thursday.
Since 2019, Lebanon has faced what the World Bank described as one of the worst financial crises since the mid-19th century, with the local currency losing more than 90 per cent of its value and public services collapsing.
The economic troubles were compounded by a string of unrestrained borrowing by multiple governments, the Covid-19 pandemic and a bombing campaign by Israel against Hezbollah that damaged critical infrastructure.
The World Bank estimated that reconstruction and recovery efforts from the war will cost about $11 billion. “Lebanon's economy continues to face major challenges,” Ms Kozack said.
The fund said it expects Lebanon's economy to have contracted by 7.5 per cent in 2024 following a smaller contraction in the previous year.
Lebanon reached a staff-level agreement with the fund in 2022 that would give it access to roughly $3 billion, but authorities at the time said it did not meet the required reforms to unlock it.
IMF staff visited Beirut earlier this year on what it called a fact-finding mission to hold discussions with the new government.
Last month, fugitive tycoon Carlos Ghosn, who is in Lebanon, said the country requires an IMF programme to help provide fiscal discipline rather than for funding. Mr Ghosn told CNN Business Arabic at the time that Lebanon could receive $3 billion through remittances alone, if diaspora had confidence in the government.
Speaking on Thursday, Ms Kozack said fiscal discipline and financing will be required to support Lebanon's economy.
A comprehensive reforms programme that includes social conditions for Lebanese civilians will be needed to support growth and reduce unemployment, the fund said. But financing also has a role to play to support it.
“The discussions that the staff are having with the Lebanese authorities are really to look at what is the right mix of policies and policy reform,” Ms Kozack said.
Ms Kozack added the broader international community will also need to provide financing in addition to what the IMF could provide.
Lebanon has also been making efforts to restore ties with Gulf states to re-open it for tourists and investors. Lebanon is also seeking support from UAE expertise in security and renewable energy, among other key sectors, Lebanon's ambassador to the UAE Fouad Dandan told The National in June.
“The authorities' reform efforts will require significant support from external partners, preferably on highly concessional terms,” Ms Kozack said.
IMF staff will also visit Egypt this autumn to review progress on Cairo's IMF programme. Ms Kozack did not provide an exact date for the visit.
Egypt's 46-month economic reform programme with the IMF was approved in December 2022. “With macroeconomic stabilisation under way for Egypt, now is the time for Egypt to carry out deeper reforms to really unlock the country's growth potential,” she said.
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
More on animal trafficking
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
