This paper provides a comparative analysis of the economic crises in Argentina and Lebanon to derive policy-relevant lessons for the design of IMF-supported adjustment programs in fragile economies. Using a structured comparative case study approach, the study examines crisis dynamics, policy responses, and socioeconomic outcomes across both countries, with particular attention given to exchange rate collapse, banking sector distress, public debt, inflation, unemployment, and poverty. The findings suggest that programs centered primarily on macroeconomic stabilization and fiscal austerity, without adequate attention to institutional capacity, social protection, and debt restructuring, risk deepening economic contraction and social vulnerability.  […]