Lebanon’s tourism minister hails $9bn revenues

• Walid Nassar says government is not dependent on IMF funding
• Private sector playing pivotal role in rebuilding economy

Lebanon is not relying on International Monetary Fund cash to stay afloat, a government minister has told AGBI, as the tourism sector alone contributed $9 billion in revenue last year. 

The IMF reached a staff-level agreement with Lebanon in April 2022 for a $3 billion loan programme to tackle its financial crisis. But progress on the deal has stalled in recent months, sparking concern from the IMF and the US State Department.  

Minister @walidr_nassar says Lebanon is not relying on IMF’s $3 billion fund to stay afloat, as the country’s #tourism and private sector help restore its economic stability. Read here https://t.co/52JQXVO9IZ

#lebanon #economy #arabiantravelmarket pic.twitter.com/PlRRxLY1Af

— AGBI (@AGBInsight) May 2, 2023

However, speaking on the sidelines of the Arabian Travel Market on Monday, tourism minister Walid Nassar said: “The negotiation with the IMF is still ongoing, but honestly, we are not relying on them to get this $3 billion.

“For us, the IMF fund is a trust that the international community is giving to Lebanon to facilitate any kind of help or contribution in the future.”

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The four-year IMF deal would only be approved if the country enacted a package of divisive financial reforms, which have not gone ahead.

Nassar said work to restore Lebanon’s economic stability was continuing, with the private sector playing a pivotal role. “Without the private sector Lebanon can’t move as a government,” he said.  

The minister added that Lebanon was focusing on a mix of ecological, religious and rural tourism drives to attract visitors throughout the year. 

“This summer, the Ministry of Tourism is organising 82 events in three months – one event per day,” he said.