Ariana News Agency-\u00a0<\/strong><\/em><\/p>\n <\/p>\n \u201cPeople are suffering because of the low level of growth, the fact that there is low employment,\u201d Jihad Azour told CNBC\u2019s Hadley Gamble in Dubai ahead of the Fund\u2019s release of its quarterly regional outlook.<\/p>\n The economist\u2019s advice comes amid the country\u2019s largest protests in 14 years. Azour, who previously served as Lebanon\u2019s minister of finance from 2005 to 2008, said that if the government dedicates itself to executing functional governance, that translates into better services and job creation. Unemployment in Lebanon currently hovers between 35% and 40%.<\/p>\n \u201cTherefore, I think it\u2019s very important now to stabilize the financial situation by addressing the fiscal imbalances, by providing clear direction of reforms that addresses some of the long lasting issues, the structural problems, and also to show that there is a resolve to have the state function to service the needs and aspirations of the people in the street.\u201d<\/p>\n Lebanon\u2019s banks remain closed eleven days into the mostly peaceful protests, sparking fears of a rush on the banks and a depletion of the country\u2019s dollar reserves once they do finally reopen.<\/p>\n To address this fear, Lebanon has put a temporary ban on taking large amounts of dollar cash out of the country. Many blame Lebanon\u2019s dangerously low foreign currency levels on the policies of its central bank governor Riad Salameh.<\/p>\n Lebanon\u2019s central bank, the Banque du Liban, has been intervening for years to prop up the Lebanese pound by selling dollars and buying pounds.<\/p>\n But in order to sell dollars, it has to buy the dollars in the first place \u2014 meaning that as economic problems have worsened, the dollar reserves have been worn down. Lebanon\u2019s commercial banks have to buy dollars from the central bank, and those dollars are locked in the central bank\u2019s reserves or in Treasury bills.<\/p>\n Asked if popular anger at the central bank is warranted, Azour replied, \u201cIt\u2019s not for me to answer this question.\u201d But he stressed the urgency of the Mediterranean country\u2019s financial situation, something he said the IMF is \u201cobserving closely.\u201d<\/p>\n \u201cLebanon has been suffering for a long period of twin deficits, budget deficit and current account deficit, with the backdrop of a very low level of growth that was not able to create enough jobs,\u201d Azour said. \u201cTherefore, what is needed today is a very strong and convincing reform package that restores confidence most of its citizens, investors and international community.\u201d<\/p>\n Lebanon\u2019s current account deficit stands at an eye-popping 25%, meaning it imports far more than it exports, spends more than it saves, and relies heavily on foreign remittances to stay afloat.<\/p>\n","protected":false},"excerpt":{"rendered":" Lebanon\u2019s leaders need to win back the confidence of its citizenry not by announcing reforms, but by actually implementing them properly, the International Monetary Fund\u2019s director for the Middle East and Central Asia said.<\/p>\n","protected":false},"author":2,"featured_media":4310,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_mat_hreflang_tags":[],"addvideo":"","video_duration":"","farsit":"","target":"0","top_stories":"0","top":"0"},"categories":[305],"tags":[492],"class_list":["post-4309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia","tag-lebanon"],"acf":{"myctype":"change","target":false,"top_stories":false,"top":false,"farsit":""},"yoast_head":"\n