The IMF says it is ready to help with the rebuilding efforts in Syria and Lebanon
The International Monetary Fund (IMF) is excited to work with Lebanon and is ready to help the global community rebuild Syria, a spokesperson said on Thursday.
IMF’s Plan
The IMF is watching the situation in Syria closely and will help with the country’s rebuilding “when needed and when conditions are right,” said spokesperson Julie Kozack.
However, she said that the IMF has not worked closely with Syria since 2009. The IMF plans to start helping Syria again after a quick rebel military advance led to the fall of President Bashar al-Assad’s government in December.
The IMF also said it is ready to support Lebanon and its people through their current crisis, but the challenges are very big. The situation in Lebanon improved after the election of President Joseph Aoun and Prime Minister Nawaf Salam last month, which was a political breakthrough.
International Support
Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said on Tuesday that Qatar will help rebuild Lebanon after the Hezbollah-Israel war, but only if a new government is formed.
Al Thani visited Lebanon and met with senior officials, including Prime Minister Salam, who is working on forming a new government. However, efforts to form a government have not yet succeeded.
At the same time, the EU promised $63 million to support Lebanon’s military as part of efforts to stabilize the country. This is the third support package for the Lebanese Armed Forces from the European Peace Facility.
Lebanon also welcomed visits last month from Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan and French President Emmanuel Macron.
Lebanon’s Economy
The IMF said in its review last May that the Gaza war and more fighting at Lebanon’s southern border made the country’s already weak economy worse.
Unemployment and poverty have reached very high levels, and important public services have been disrupted. Lebanon is also facing the challenge of hosting the largest number of refugees per capita in the world with limited resources.
The IMF also mentioned that some progress has been made with monetary and fiscal reforms, like the introduction of a strict fiscal policy and steps toward unifying exchange rates.
Lebanon, which has suffered from years of financial and political crisis, is relying on wealthy Gulf states for funding, especially Qatar, which has been involved in such efforts since the 2006 Hezbollah-Israel war.
Published: 7th February 2025
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