Lebanese Prime Minister Nawaf Salam on Thursday chaired a high-level meeting at the Grand Serail to review progress in talks with the International Monetary Fund (IMF) and chart a course for upcoming reforms. The meeting brought together IMF mission chief Ernesto Ramirez and key Lebanese officials involved in negotiations, including Finance Minister Yassine Jaber, Economy and Trade Minister Amer Bsat, Central Bank Governor Karim Souaid, and other senior economic and financial officials.

The discussions aimed to consolidate the outcomes of recent IMF talks and finalize a coordinated work plan ahead of a scheduled IMF mission visit expected between late summer and early fall.

"We held a concluding meeting today led by Prime Minister Salam that brought together all parties involved in the IMF negotiations, including representatives from key ministries and the Central Bank," said Finance Minister Yassine Jaber after the meeting. "The objective was to synthesize the discussions we’ve had with the Fund so far, reaffirm our priorities, and align on an action plan for the coming months."

Jaber said significant progress has been made in outlining the IMF program, but emphasized that urgent attention was now required to restructure the banking sector.

"If Lebanon wants to return to economic growth, we need a functioning banking system," he said. "At the same time, we must address the plight of depositors and clarify the fate of their savings."

The minister warned that continued reliance on a cash-based economy had already landed Lebanon on the Financial Action Task Force (FATF) grey list and argued that reviving the banking sector was essential to restore public confidence and reabsorb the billions of dollars currently hoarded in homes.

"That money is idle right now. If it returns to the banks, it can be used to issue new loans and jumpstart the economy," Jaber said.

Beyond banking reform, Jaber outlined a series of other priorities. He said Lebanon would begin auditing all independent public institutions to improve their performance. Customs reform is also on the agenda, with the country moving to acquire modern scanning systems to accelerate clearance processes.

Jaber said Lebanon was working on pre-shipment inspection for imports and updating tax policies and public buildings. The government also plans to introduce new digital information systems across several ministries. He noted that funding for these efforts had already been secured through grants, not loans, from the European Union and the World Bank.

"This is a massive reform operation," Jaber said. "As I’ve always said, the IMF serves as an adviser to help us understand what’s needed to revive the economy. But the responsibility to carry out reforms, like fixing the electricity sector, falls on us. We need to provide citizens with better services, whether in electricity, telecoms, or other areas."

When asked about reports that Lebanon was failing to comply with IMF requirements, Jaber dismissed the claims and said the IMF would be releasing an official statement later in the day.

"We’ve received the IMF’s diagnosis and prescription," he said. "It’s now up to us to follow through."

Jaber confirmed that each ministry was developing its own action plan. He cited the upcoming formation of the electricity regulatory authority by the end of June as a concrete step forward. That move, he said, would allow Lebanon to begin implementing a long-delayed law that separates the electricity sector into generation, transmission, and distribution components. Under the new framework, production and distribution would be privatized, while transmission would remain under state control. A $250 million loan has already been secured to modernize transmission infrastructure.

"Each sector has a plan in motion, and we are actively seeking funds for investment where needed," he said. "Digitalization of state institutions is a recurring demand. Lebanon has long lagged behind in this area, but today we submitted a $250 million investment loan request. These are not spending loans. They are meant to reshape our current reality."

Jaber stressed that Lebanon had the human capital needed to execute these reforms. "Our people are working and excelling abroad," he said. "Human resources are our greatest asset. It’s time they serve their own country."

The IMF is expected to return to Lebanon in the fall for further talks. Officials hope that by then, tangible progress will demonstrate Lebanon's commitment to economic recovery and reform.