IMF warns Lebanon of high price of delaying reforms

The International Monetary Fund warned on Monday, July 13, of the high cost of holding up reforms in Lebanon, two months into bailout talks to redress its nosediving economy.

But sources familiar with the talks say they have hit a wall, with alleged lack of political commitment to reforms and disagreements over the scale of financial losses for the state, central bank, and commercial banks. In contrast, a parliamentary committee has quoted much lower figures using the old currency peg of 1,507 pounds to the dollar.

"We are also worried that attempts to present lower losses and postpone difficult measures to the future would only increase the cost of the crisis by delaying the recovery and also hurting particularly the most vulnerable," he said during a press conference streamed online.

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