Paris III hostage?

QUESTIONER: We can talk about Lebanon. I don't know if you've any update on Lebanon. I know there were some discussions. Well, the political situation, I gather, has changed everything. So I was just wondering if you have any update on whether Lebanon is going to continue under the Fund or whether that's just been put on hold. I believe that the Lebanese program finished the end of last year, and they were in discussions with the Fund on continuing that. Since the political situation has changed over the last few weeks, I'm just trying to figure if there was an update in any way. I mean if you don't, that's fine.

MR. HAWLEY: Look, the Fund supported the medium-term debt reduction strategy —that was Paris III. Implementation of the strategy is held hostage, if that's the right word, by the ongoing political stalemate. The authorities successfully implemented their 2007 program, supported by the EPCA, achieving a much better than expected primary surplus. A follow-up arrangement for 2008 is under preparation. That's all I have at the moment.