Lebanon's Leaders Pin Hopes on Tourism Boom to Sidestep IMF Reforms

Lebanon's political elites are reportedly implementing a "shadow plan" to bypass tough reforms demanded by the International Monetary Fund (IMF) and place the burden of bailing out the financial system on ordinary Lebanese citizens. The IMF reforms, which include audits of Lebanon's central bank and other banks, would force the elites to bear the cost of repairing the financial meltdown and threaten their networks of corruption and waste. Instead, politicians are hoping for a rebound in tourism, remittances, and the natural gas industry to revive the economy without major sacrifices from them. However, without the IMF deal and associated reforms, Lebanon will remain dependent on international aid.