The Lebanese government has vowed to make urgent progress on reforms to help ove...
- The Lebanese government has vowed to make urgent progress on reforms to help overcome a worsening economic crisis that prompted Fitch Ratings to cut the country’s credit rating on Friday.
However, Finance Minister Ali Hassan Khalil said both ratings reports showed the urgency for reform, which the government has long put off. “There should be no slacking for a single moment,” he told Reuters on Friday. Lebanese leaders have warned of a financial crisis without changes. The impetus to enact reforms has grown with the slowdown of deposits into its banking sector, a critical source of finance for the state.
But it warned it could lower the sovereign’s rating in the coming six-12 months if bank deposits and central bank foreign exchange reserves continued to fall.
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