Latest news with #ErnestoRigo
LBCI
2 days ago
- Business
- LBCI
Lebanon's Justice Minister and IMF discuss reforms and FATF grey list removal
Justice Minister Adel Nassar met with a delegation from the International Monetary Fund (IMF) headed by Ernesto Rigo, the fund's mission chief to Lebanon. During the meeting, the two sides reviewed key achievements at the Justice Ministry since Nassar assumed office, particularly major reform steps taken so far. These include the draft law on judicial independence and recent judicial appointments. They also discussed recommendations issued by the Financial Action Task Force (FATF) and the necessary measures Lebanon must take to be removed from the organization's grey list.
LBCI
3 days ago
- Business
- LBCI
IMF reviews Lebanon's economic plan: Finance Minister vows no more off-budget spending
Report by Lara El Hachem, English adaptation by Yasmine Jaroudi The International Monetary Fund (IMF) presented its fiscal vision for Lebanon during a technical meeting with Lebanese officials, focusing on key reforms, including bank restructuring, public debt management, revenue generation, customs modernization, and sector-specific growth over the next three to five years. The meeting, led by IMF mission chief Ernesto Rigo, was preceded by bilateral discussions with Finance Minister Yassine Jaber. Following the talks, Jaber reaffirmed Lebanon's commitment to enforcing laws related to revenue collection, tax and customs evasion, and spending discipline and pledged to achieve a primary fiscal surplus. He also emphasized that the government will no longer finance any sector outside the approved state budget, including the power sector. One key topic was the recent move to increase taxes on fuel to fund salary hikes for military personnel. The IMF welcomed the measure as an example of responsible budgeting, emphasizing the need for any new spending to be offset by new revenue and implemented strictly within the framework of the state budget. The IMF also called for a comprehensive financial audit of all state-owned entities, including Électricité du Liban (EDL), the Casino du Liban, the port authority, Ogero, and the regional water establishments. LBCI has learned that the Finance Ministry's reform efforts are currently centered on ensuring that all taxpayers are registered with the tax administration and are held accountable for dues. In a step toward this goal, the minister sent a letter to the Interior Ministry urging municipalities to share information on businesses subject to income tax. The ministry is also preparing to implement an e-invoicing system to combat customs evasion, which has often occurred through the use of falsified paper invoices. Combined with efforts to tighten control over both legal and illegal border crossings, the reforms, if effectively executed, are expected to generate up to 30% of Lebanon's total tax revenues. The IMF delegation is expected to return by the end of summer to assess Lebanon's progress and conduct a full review of the reform implementation.
LBCI
4 days ago
- Business
- LBCI
Lebanon and IMF continue negotiations at Finance Ministry
Negotiations between Lebanon's Finance Ministry and the International Monetary Fund (IMF) resumed Monday afternoon in Beirut, focusing on the country's Medium-Term Fiscal Framework (MTFF) and the guiding principles for financial policy in the coming phase. The discussions, which built on last week's meetings, centered on strategies aimed at restoring financial stability and encouraging sustainable growth. According to preliminary data compiled by the IMF delegation through meetings with Lebanese financial and economic institutions, potential solutions to the country's crisis remain viable, especially if the government continues implementing reforms. The MTFF being developed is intended to be both realistic and flexible, reflecting Lebanon's economic challenges while promoting fiscal transparency, discipline, and long-term structural reforms. Key components include prioritizing effective public spending tools in alignment with the country's development and social needs. Attending the meeting were Finance Minister Yassine Jaber, Economy Minister Amer Bisat, Director of Public Finance Georges Maarawi, Banque du Liban (BDL) Vice Governor Salim Chahine, and economic and financial advisors from the presidency, the Prime Minister's Office, and the Ministry of Finance. Representing the IMF was mission chief Ernesto Rigo and a team of specialized experts. Jaber and Rigo held a separate working session to assess progress since last Friday's talks and to prepare for the broader afternoon meeting. In a separate development, Minister Jaber, along with Maarawi and advisor Claudine Karaki, met with a delegation from the European Union that included representatives from the European Commission, the European Investment Bank, and the European Investment Fund. Discussions focused on advancing joint efforts in economic reform, infrastructure modernization, and digital transformation. The talks also emphasized the importance of private sector support and investment incentives, as well as the EU's interest in monitoring Lebanon's progress toward an IMF-backed reform agenda.
