Beirut explosion: IMF explores 'all possible' options to help Lebanon after disaster

The World Bank is also ready to help the country with rapid 'damage and needs assessment' and develop a reconstruction plan

A Lebanese youth hugs French President Emmanuel Macron during a visit to the Gemmayzeh neighbourhood, which has suffered extensive damage due to a massive explosion in the Lebanese capital. AFP

French President Emmanuel Macron (C) visiting the devastated site of the explosion at the port of Beirut, Lebanon. Macron arrived to Lebanon to show support after a massive explosion on 04 August

French President Emmanuel Macron listens to a resident as he visits a devastated street of Beirut. AP Photo

French President Emmanuel Macron gestures as he visits the devastated site of the explosion at the port of Beirut. EPA

French President Emmanuel Macron gestures as he visits a devastated street of Beirut. AFP

French President Emmanuel Macron surrounded by Lebanese servicemen, visits the devastated site of the explosion at the port of Beirut. AFP

French President Emmanuel Macron, speaks with a woman as he visits the Gemayzeh neighborhood, which suffered extensive damage from an explosion on Tuesday. AP Photo

French President Emmanuel Macron visits the Gemayzeh neighborhood, which suffered extensive damage from an explosion on Tuesday that hit the seaport of Beirut. AP Photo

French President Emmanuel Macron gestures as he arrives at the devastated site of the explosion at the port of Beirut. REUTERS

French President Emmanuel Macron visits the devastated site of the explosion at the port of Beirut. REUTERS

French President Emmanuel Macron greets people during a visit to the Gemmayzeh neighbourhood, which has suffered extensive damage due to a massive explosion in the Lebanese capital. AFP

French President Emmanuel Macron wears a protective face mask as he meets Lebanon's President Michel Aoun following Tuesday's blast in Beirut's port area, at the presidential palace in Baabda, Lebanon. Reuters

French President Emmanuel Macron greets people during a visit to the Gemmayzeh neighbourhood, which has suffered extensive damage due to a massive explosion in the Lebanese capital, on August 6, 2020. French President Emmanuel Macron visited shell-shocked Beirut, pledging support and urging change after a massive explosion devastated the Lebanese capital in a disaster that has sparked grief and fury. / AFP / ANWAR AMRO

French President Emmanuel Macron speaks to the crowd during a visit to the Gemmayzeh neighbourhood, which has suffered extensive damage due to a massive explosion in the Lebanese capital, on August 6, 2020. French President Emmanuel Macron visited shell-shocked Beirut, pledging support and urging change after a massive explosion devastated the Lebanese capital in a disaster that has sparked grief and fury. / AFP / ANWAR AMRO

French President Emmanuel Macron, center, gestures as he visits the Gemayzeh neighborhood, which suffered extensive damage from an explosion on Tuesday that hit the seaport of Beirut, Lebanon, Thursday, Aug. 6, 2020. (AP Photo/Bilal Hussein)

French President Emmanuel Macron gestures as he visits a devastated street of Beirut, Lebanon, on August 6, 2020 a day after a massive explosion devastated the Lebanese capital in a disaster that has sparked grief and fury. French President Emmanuel Macron visited shell-shocked Beirut Thursday, pledging support and urging change after a massive explosion devastated the Lebanese capital in a disaster that has sparked grief and fury. / AFP / POOL / Thibault Camus

A video grab shows French President Emmmanuel Macron, left, speaking with a member of a French rescue team which arrived overnight to support relief efforts at the port of Lebanon's capital Beirut. AFP

French President Emmanuel Macron visits the site of Tuesday's blast in Beirut. Tele Liban / Reuters

Lebanon's President Michel Aoun meets French President Emmanuel Macron on his arrival at the airport in Beirut. Dalati Nohra/Reuters

Lebanon's President Michel Aoun welcomes French President Emmanuel Macron on his arrival at the airport in Beirut. Dalati Nohra/Reuters

"Lebanon is not alone," Mr Macron tweeted shortly after landing. Dalati Nohra/Reuters

The French president is the first foreign leader to visit the Lebanese capital since an explosion on Tuesday killed at least 137 people. Dalati Nohra / Reuters

Mr Macron said Lebanon was facing a political and economic crisis, and that it would continue to suffer unless it enacted reforms. Reuters

The International Monetary Fund is exploring all options to help Lebanon deal with the economic fallout of the devastating explosion and has asked the international community to support the country, which was already reeling under the stress of a financial crisis and the Covid-19 pandemic.

“The IMF is exploring all possible ways to support the people of Lebanon,” IMF managing director Kristalina Georgieva, said in a statement on Thursday evening.

“It is also a time for the international community and the friends of Lebanon to step up to help the country in this moment of urgent need.”

Ms Georgieva's statement follows the World Bank statement earlier on Thursday saying it is ready to do a rapid “damage and needs assessment” and to develop a reconstruction plan for Lebanon as per international standards.

The multilateral lender said it is ready to share lessons and experiences from across the world in managing post-disaster recovery and reconstruction processes.

“The World Bank Group is open to participating actively in a platform with Lebanon’s partners in order to mobilise public and private financial support for reconstruction,” according to the statement.

It would also be “willing to reprogramme existing resources and explore additional financing to support rebuilding lives and livelihoods of people impacted by this disaster," it added.

The explosion, which has been blamed on 2,750 tonnes of ammonium nitrate in a warehouse, killed at least 145 people and injured about 5,000 others.

It is the largest catastrophe of its kind for the country, which emerged from its last civil war in 1990, and exacerbates the economic crisis it is facing.

Beirut's Governor Marwan Abboud said the damage from the blast extended across half the city and was estimated to cost $15 billion (Dh55bn).

The country has received an outpouring of support, with aid including food and medical supplies, fuel and rescue workers coming from nations around the world.

French President Emmanuel Macron arrived in Lebanon on Thursday for a snap visit to show support.

"Lebanon is not alone," Mr Macron said on Twitter hours before he landed in the Lebanese capital, where Lebanese President Michel Aoun received him.

The IMF said it was time for national unity - to overcome the disaster, as well as to address the deep economic and social crisis that the country continues to face.

“It is essential to overcome the impasse in the discussions on critical reforms and put in place a meaningful program to turn around the economy and build accountability and trust in the future of the country,” Ms Georgieva said.