In its statement during the "International Conference on Support to Beirut and the Lebanese People", the International Monetary Fund indicated that Lebanon is facing significant economic and social challenges, which have been exacerbated by the COVID-19 pandemic and by the lack of political will to implement reforms. The Fund noted that it has been engaged in recent months with Lebanese authorities, civil society and other multilateral organizations on a reform package to address the crisis facing the country, to strengthen governance and accountability, and to restore confidence in the economy. However, it pointed out that these discussions have not yet yielded results. As such, the IMF called on Lebanese policymakers to unite and address the severe economic and social crisis through the implementation of much-needed reforms. It also called on the international community to provide the Lebanese people with urgent humanitarian assistance in the aftermath of the explosion at the Port of Beirut. 
 
First, the Fund highlighted the importance of restoring the solvency of Lebanon's public finances and the soundness of its financial system. It stressed that the financial system should be solvent, and that those who benefitted from past excessive returns need to share the burden of the recapitalization of banks, in order to protect the savings of ordinary Lebanese depositors. Second, it said that authorities have to enforce temporary measures to avoid continued capital outflows. It called on officials to adopt a legislation that formalizes capital controls in the banking system, to eliminate the current multiple exchange rate system in order to protect foreign currency reserves, and to reduce rent-seeking and corruption. Third, it stressed the need to reduce the protracted losses of many state-owned enterprises, as well as the importance of conducting a comprehensive audit of key institutions, including Eléctricité du Liban and Banque du Liban. Finally, it said that authorities should put in place an expanded social safety net to protect the most vulnerable segments of the population. The IMF concluded that the authorities' commitment to implement these reforms will unlock billions of dollars that would benefit the Lebanese people.
  
In parallel, the World Bank indicated during the "International Conference on Support to Beirut and the Lebanese People" that it initiated a Rapid Damage and Needs Assessment, which can serve as a basis for an economic and social reconstruction plan that addresses short- and medium-term needs. It noted that it is working closely with the IMF, the United Nations, the European Union and other partners, and aims to complete the assessment by August 20, 2020. It considered that the engagement of all stakeholders in the country's reconstruction will be critical to promote a sustainable economic and social recovery, and to significantly reduce poverty rates. It estimated that 45% of Lebanese citizens live in poverty. 
 
The World Bank pointed out that the challenges facing Lebanon are significant, given that the massive explosion comes on top of the deep ongoing economic, financial and social crisis and the COVD-19 outbreak. Further, it indicated that it can finalize in the short term the preparation of a $200m emergency social protection program that could benefit more than 500,000 vulnerable people, if Lebanese authorities are willing to move quickly in this direction.