Lebanon has reached a staff-level agreement with the IMF worth about $3 billion, subject to approval by IMF management and the executive board, according to a statement released on Thursday.“The Lebanese authorities and the IMF team have reached a staff-level agreement on comprehensive economic policies that could be supported by a 46-month Extended Fund Arrangement (EFF) with requested access of SDR 2,173.9 million (equivalent to about US$3 billion),” the IMF said.For the latest headlines, follow our Google News channel online or via the app.The IMF said Lebanon was facing an unprecedented crisis, which led to a “dramatic economic contraction and a large increase in poverty, unemployment, and emigration.”The statement said the crisis resulted from years of unsustainable macroeconomic policies fueling fiscal and external deficits and support for “an overvalued exchange rate and an oversized financial sector.”Severe accountability and transparency problems and a lack of structural reforms also led to Lebanon's unprecedented situation.Read more: US announces $64 mln in emergency food aid for struggling Lebanon
Source: Al Arabiya
Full Article: Lebanon, IMF reach deal worth up to billion: Statement
