BEIRUT — Lebanese Prime Minister Najib Mikati said on Tuesday that Lebanon has started preparing its reforms plan and it hopes to reach a deal with the International Monetary Fund (IMF) by the end of 2021, the National News Agency reported.

“Lebanon relies heavily on support by the IMF to overcome its unprecedented economic and financial crisis,” Mikati said during his meeting at the government headquarters with Mahmoud Mohieldin, executive director representing a bloc of Arab countries in the IMF Executive Board.

Mikati explained that Lebanon’s plan includes reforms in the electricity sector which has cost the state’s treasury around half of its debt.

“The government has also completed the required financial data to be a starting point for cooperation with the IMF,” he said.

Lebanon is deep in a financial and economic crisis amid a shortage of foreign currency reserves and the collapse of its currency’s value by over 90 percent.