The IMF mission chief for Lebanon on Wednesday urged the country to take measures to restore its financial confidence, Lebanon’s Presidency said in a statement.

Ernesto Ramirez Rigo, who led an IMF delegation visiting the country for three days, made the remarks in a meeting with Lebanon’s President Michel Aoun at Baabda Palace.

Rigo said the confidence in Lebanese financial and banking sectors “was completely lost,” stressing the need for Lebanon to unify the exchange rate and expedite the preparation of the 2023 draft budget after approving the 2022 budget.

Rigo said he was hopeful that Lebanon would make progress in implementing reforms to sign the final agreement with the International Monetary Fund in late September or early October.

For his part, Aoun told the delegation that “he had expected the implementation of more reforms, but several obstacles by different political parties delayed the achievement of what was required.”

The IMF’s visit focuses on recent developments in the Lebanese economy and the implementation of prior actions detailed in an aid agreement reached between the two sides on April 7.