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The government has reached a stafflevel agreement for a $3 billion financing facility from the International Monetary Fund (IMF) provided it undertakes several critical reforms ahead of the IMF Board meeting. The financing is a 46-month Extended Fund Arrangement (EFF) drawn on the IMF’s Special Drawing Rights (SDR) at the request of Lebanon. “This agreement is subject to approval by IMF management and the Executive Board, after the timely implementation of all prior actions and confirmation of international partners’ financial support. The EFF aims to support the authorities’ re-form strategy to restore growth and financial sustainability, strengthen governance and transparency, and increase social and reconstruction spending. This will need to be complemented by the restructuring of external public debt that will result in sufficient creditor participation to restore debt sustainability and close financing gaps,” said who had led the IMF mission
