Lebanon resumes talks with IMF for international support

Xinhua Xinhua

04th Oct, 2021. 07:40 pm
IMF

IMF

BEIRUT: Lebanon on Monday resumed talks with the International Monetary Fund (IMF), seeking a recovery programme with international support, the finance ministry reported.

The ministry’s statement said that Lebanon remains fully committed to engaging in a constructive, transparent and equitable debt restructuring process with all other stakeholders.

“The government reiterates its commitment to a fair and comprehensive solution for all creditors and will engage, with the support of its financial and legal advisors, in good faith discussions with all its creditors as early as possible,” it added.

 The Lebanese cabinet formed the team in charge of negotiating with the IMF under the leadership of Deputy Prime Minister Saade Chami and including Finance Minister Youssef el-Khalil, Economy and Trade Minister Amin Salam, and Central Bank Governor Riad Salameh.

Lebanon has been suffering from the worst financial crisis in its history with the local currency losing around 90 per cent of its value and the poverty rate hovering over 78 per cent.

The country also defaulted on its sovereign debt in March 2020, as it needed the foreign currency reserves to meet basic needs.

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