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bankingJune 2, 2022

World Bank extends CPF period, says Lebanon has lost precious time


The World Bank has extended its Country Partnership Framework (CPF) with Lebanon by one additional year 'to advance urgently needed socioeconomic recovery programs targeting the poor and most vulnerable and support urgently needed macroeconomic and structural reforms.'

In a statement, the world Bank said it has restructured and reprogramed its portfolio by cancelling underperforming projects and proactively allocating resources to newly identified priorities through a response focused on relief, recovery, and resilience.

“Despite early warnings, Lebanon has lost precious time and numerous opportunities to adopt a path to reform its economic and financial system. The cost of inaction is colossal not only on daily lives of citizens, but also on the future of the Lebanese people,” said Saroj Kumar Jha, World Bank Mashreq Regional Director.

“Two years and a half into the crisis, Lebanon has yet to embark on a comprehensive reform and recovery program to stop the country from further sinking. Continued deliberate delay in addressing drivers of the crisis represents a threat not only at the socio-economic level but also a risk of a systemic failing of state institutions and pressure on an already fragile social peace,” Kumar Jha added.

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