Home Economics & PolicyAnalysisReform needs versus policy steps on record

Reform needs versus policy steps on record

by Rouba Bou Khzam

The past year has seen the nation’s top political actors in the Cabinet and Parliament regularly present themselves as being busy in the people’s interest. A budget law was debated and adopted in Parliament. The amending of the banking secrecy law was pronounced. And, importantly and strongly noted by the world, the International Monetary Fund (IMF) and the Lebanese government in early April announced a so-called staff-level agreement – a step towards a formal agreement for a $3 billion facility with immense signaling power – conditioned on a set of prior actions and reforms.  Five pillars of action mentioned in the agreement were (a) restructuring of the financial sector, (b) fiscal reforms and debt restructuring, (c) reforming of state-owned enterprises, (d) strengthening of governance and anti-corruption frameworks, and (e) implementation of a credible monetary and foreign exchange system.  Laws that were specifically mentioned in the staff-level agreement as being needed

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