Lebanese official who was part of IMF negotiating team resigns

  • 6/30/2020
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BEIRUT — Unhappy and dismayed over the handling of the country"s financial crisis by leaders, a Lebanese finance ministry official who was part of the team negotiating with the International Monetary Fund (IMF) has resigned, local media reports said on Monday. Alain Bifani, the director general of Lebanon"s finance ministry, was quoted by Al Jadeed that the path being taken by Lebanon is reckless and will hurt the people. Meanwhile, LBCI TV station said that Bifani will continue working in a caretaker capacity. Finance Minister Ghazi Wazni would present Bifani’s resignation to the Cabinet which in turn decides whether to approve it or not, it added. Talks with the IMF which began in May have been bogged down by a row between the government and the central bank over the scale of losses in the financial system and how they should be shared. Bifani is the second official to quit recently, following Henri Chaoul, who resigned from his post saying he saw no will to reform. IMF Managing Director Kristalina Georgieva said at the weekend that she does not yet have reason to see a breakthrough in negotiations with Lebanon to help resolve the country"s economic crisis. Georgieva said IMF officials continue to work with Lebanon, but it is unclear whether the country"s leaders, stakeholders and society can unify around reforms needed to stabilize its economy and return it to a growth path. Lebanon is battling a financial crisis regarded as the biggest threat to the country since its 1975-90 civil war, with the Lebanese pound losing 75% of its value since October. — Agencies

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