On June 29, 2023, the International Monetary Fund (IMF) published its first Article IV report on Lebanon since the onset of the financial crisis in 2019. The report provides an in-depth assessment of Lebanon’s macroeconomic situation, stressing, once again, the urgent need for reform. The Fund clearly highlights the cost of the status quo, which it estimates has deepened the financial sector losses by $10 billion since March 2020, and delineates a reform path to stabilize the country’s economy. The principles that define Article IV and its approach to addressing the current crisis are consistent with the equitable stabilization framework, which was adopted by the Lebanese government in its first recovery plan in April 2020 as well as its Staff-Level Agreement in April 2022.

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