Lebanon could implode without serious government reforms, warns World Bank

As Lebanon's financial crisis swells, the world's top financial organisations call for a major governance overhaul.

1 min read

17 February, 2020

Lebanon is one of the world's most indebted countries [Getty]

Lebanon could implode unless it develops a new governance strategy with less corruption and more transparency, a senior World Bank representative told Bloomberg on Sunday.

Marred by a continously deteriorating economic crisis and widespread corruption, Lebanon has been rocked by protests since October.

The government of current Premier Hassan Diab is looking to the International Monetary Fund for technical help on handling the country's heavy debt, one of the highest rates in the world.

"Politicians need to stop and listen," Ferid Belhaj, the World Bank's most senior MENA official, said in Dubai on Sunday.

"You cannot continue doing what you've been doing for years when you see what the reaction on the street is and when you see what the state of the economy is."

In addition to sending a team to Lebanon, the IMF will also consider financial assistance "if we are convinced that there is a seriousness in the approach the government is taking", Managing Director Kristalina Georgieva told Bloomberg TV.