## Lebanon: 2009 Article IV Consultation and Assessment of Performance Under the Program Supported by Emergency Post-Conflict Assistance: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Lebanon

_IMF Staff Country Reports, April 23, 2009_

## Source details

**Canonical URL:** [Lebanon: 2009 Article IV Consultation and Assessment of Performance Under the Program Supported by Emergency Post-Conflict Assistance: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Lebanon](https://www.imf.org/en/publications/cr/issues/2016/12/31/lebanon-2009-article-iv-consultation-and-assessment-of-performance-under-the-program-22897)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/lebanon-2009-article-iv-consultation-and-assessment-of-performance-under-the-program-22897/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/lebanon-2009-article-iv-consultation-and-assessment-of-performance-under-the-program-22897/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/lebanon-2009-article-iv-consultation-and-assessment-of-performance-under-the-program-22897/bundle-manifest.json)

## Bibliographic details
- Published: April 23, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451822755.002

---

### Executive summary and key findings
- The Lebanese financial system has so far weathered the global financial crisis.
- Deposit inflows decelerated briefly in the aftermath of the Lehman Brothers bankruptcy, but have resumed at a rapid pace since then.
- Executive Directors welcomed the remarkable resilience of the Lebanese economy in the face of the global financial crisis.
- Directors supported the authorities’ monetary policy aimed at safeguarding the exchange rate peg and facilitating a further buildup of international reserves.

### Themes and analysis
- Financial sector resilience
  - Lebanese commercial banks sustained operations through the global financial crisis without systemic failure.
  - Deposit dynamics: a temporary deceleration after the Lehman Brothers bankruptcy followed by a rapid resumption of inflows.

- Monetary policy and exchange rate regime
  - Authorities maintained a monetary policy focused on safeguarding the exchange rate peg.
  - Policy objective included facilitating a further buildup of international reserves.

- Governance and program assessment
  - The consultation included an assessment of performance under the program supported by Emergency Post-Conflict Assistance.
  - Executive Board discussion resulted in support for the monetary policy stance described above.

### Subjects and keywords
- Subject: Commercial banks, Currencies, External debt, Financial institutions, Fiscal policy, Fiscal stance, Money, Public debt
- Keywords: Banque du Liban, Commercial banks, CR, Currencies, deposit dollarization, deposit inflow, dollarization, dollarization constitute vulnerability, Fiscal stance, Global, inflow, ISCR, Middle East, Paris III objective, support deposit growth

*Source: Lebanon: 2009 Article IV Consultation and Assessment of Performance Under the Program Supported by Emergency Post-Conflict Assistance: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Lebanon (April 23, 2009).*

---

## Content in this bundle

- **IMF Country Report _cr09131 — Executive Summary and Key Findings**
  - [IMF Country Report _cr09131 — Executive Summary and Key Findings (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2009/_cr09131.pdf.md){rel="alternate" type="text/markdown"}
  - [IMF Country Report _cr09131 — Executive Summary and Key Findings (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2009/_cr09131.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/lebanon-2009-article-iv-consultation-and-assessment-of-performance-under-the-program-22897_