The International Monetary Fund (IMF) has warned that Lebanon needs urgent action to implement comprehensive economic reforms to avoid irreparable consequences.
IMF spokeswoman Julie Kozak said its experts had concluded that reforms were needed to end the severe crisis facing the economy and avoid its consequences, especially for the poor and middle class.
The IMF remains engaged with Lebanon and stands ready to support it, but it will also need strong financial support from the international community to cover the "very large financial needs" it will face in the coming years, Kozak said.
She added that it is necessary for Lebanon to receive political support to implement the reforms agreed with IMF staff in April 2020.
Kozak warned that Jihad Azour, who heads the IMF's Middle East and Central Asia Department, is on temporary leave to avoid any potential conflict of interest after his candidacy for Lebanon's presidency.
The IMF said in a statement on Thursday that Azour is on leave from his duties at the Fund, in order to avoid any conflict of interest.
The IMF said the move aims to ensure transparency and prevent any potential conflict.
Lebanon has been suffering for the past three years from an unprecedented severe economic crisis, with the collapse of the value of the local currency (lira) against the dollar, a shortage of fuel and medicines, and a sharp decline in the purchasing power of citizens.
The Lebanese pound has lost more than 98 percent of its value, plunging most of the population into poverty.