IMF audit still shows cracks

At first glance, the International Monetary Fund’s (IMF) May report on government accounting practices in Lebanon reads almost as one would expect: While the ministry of finance, and ministries in general, are making measured “progress” towards meeting internationally recognized standards, significant problem areas remain.Thus, even as the IMF pointed to several positive steps taken in recent years – including new budget classifications that drill down on expenses, regular fiscal reports, a computerization of records and a centralization of accounts at the Treasury – the world body said flatly that Lebanon still falls short when it comes to multi-year budget projections, independents auditing and, perhaps most significantly, the inclusion of otherwise off-budget items like the Council for Development and Reconstruction.However, as one top level ministry of finance official pointed out, despite all the bad news, it is important to note that the IMF was specifically asked by the Lebanese government to