The International Monetary Fund (IMF) is ready to significantly increase its assistance to Lebanon in order to help the new government overcome the country's socio-economic crisis, IMF spokesman Gerry Rice told reporters on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 10th September, 2020) The International Monetary Fund (IMF) is ready to significantly increase its assistance to Lebanon in order to help the new government overcome the country's socio-economic crisis, IMF spokesman Gerry Rice told reporters on Thursday.
"We are ready to redouble our efforts to help Lebanon overcome the social economic crisis it faces," Rice said during a virtual press briefing.
The IMF is ready to engage with the new government and provide assistance in areas where it can help to face existing challenges that were amplified after the deadly explosion in the port of Beirut last month, Rice added.
On August 4, nearly 3,000 tons of improperly stored ammonium nitrate detonated, killing more than 170 people and injuring more than 5,000. The blast triggered a shock wave that destroyed at least half of the city as well as the grain silos storing most of Lebanon's wheat supplies. The explosion has worsened the economic situation in the country that has already seen soaring unemployment and inflation.
