LEBANON, WORLD BANK NOT WORRIED ABOUT ECONOMY
World Bank is not too alarmed about the Lebanese economy despite its delicate situation and the World Bank official is in Lebanon to assess the economic situation with Lebanese officials.
The World Bank has provided Lebanon with grants to develop the country’s infrastructure, through the CEDRE conference, held in Paris in April, and that aimed to support Lebanon’s economy and encourage investment. The international community and organizations such as the World Bank have been pressing the Lebanese government to implement badly needed reforms as a prior condition to benefit from billions of dollars of grants and loans.
It resulted in an $11 billion aid package on behalf of Lebanon while Lebanon committed to a series of reforms. The government had already enacted critical political reforms, such as updating the electoral law, which will be accompanied by economic reforms, including initiatives aimed at activating the productive sector. Another step that Lebanon has taken is the passage of two state budgets in less than a year, after 12 years went by without a state budget.