NEW YORK, 26 May 2022, (TON): The UN Security Council welcomed the fact that parliamentary elections in Lebanon went ahead as planned on May 15, despite challenging circumstances, but called for the swift formation of a new, inclusive government.

In a joint statement, council members said “the reforms should include the adoption of an appropriate national budget for 2022 that will enable the speedy implementation of an agreement with IMF to respond to the demands of the Lebanese population.

The country’s economy has been mired since August 2019 in a crippling crisis, during which the Lebanese pound has lost more than 90 percent of its value and more than three-quarters of the population have fallen into poverty.

Last month, Lebanon and the IMF had reached an agreement on a plan that could unlock about $3 billion of international funding over several years.

However, the deal is subject to approval by the management and executive board of the IMF, and hinges on Lebanese authorities implementing a host of economic reforms, including the restructuring of the country’s collapsed banking sector, improved transparency, and unifying the multiple exchange rates that apply to the nation’s spiraling currency.