Lebanon’s Prime Minister Hassan Diab announced his government’s resignation on Monday evening after a powerful Beirut port explosion triggered demonstrations and a public uproar against its leaders.
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“The resignation of the government of Lebanon in the wake of the recent explosion highlights the credit-negative impact of sectarian fragmentation on political stability and on institutions and governance strength,” Moody’s Vice-President, Senior Analyst Elisa Parisi-Capone.
“While the IMF and the international donor community have reiterated their commitment to financially support Lebanon to bear the costs of the disaster, over time, in the absence of key steps toward plausible economic and fiscal policy reform, sustained official external funding support to accompany a government debt restructuring will not be forthcoming,” Parisi-Capone said.
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