The International Monetary Fund on Thursday said that it does not see the need for Lebanon to implement the Capital Control Law now without subsidy or appropriate fiscal and other exchange rate policies. According to Reuters, IMF stressed that it is not clear how the planned withdrawal of deposits will be financed given the sharp decline in foreign currencies in Lebanon in recent years.
International Monetary Fund
Crushed by a mountain of debt, Lebanon is facing its worst economic crisis since its 1975-1990 civil war. As prices soar, many Lebanese have been plunged into poverty and are increasingly reliant on subsidies, but the state is fast runnning out of cash.