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IMF BAILOUT

‘Unified vision’ agreed on numbers in financial and banking sectors, negotiation committee for IMF rescue package says

‘Unified vision’ agreed on numbers in financial and banking sectors, negotiation committee for IMF rescue package says

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., Sept. 4, 2018. (Credit: Yuri Gripas/Reuters)

BEIRUT — The Lebanese committee assigned to negotiate a financial rescue package with the International Monetary Fund has agreed on a “unified vision” regarding the numbers in the financial and banking sectors, Deputy Prime Minister Saade Chami said in a press briefing Monday following a meeting of the group. The previous government’s International Monetary Fund negotiation team reportedly disagreed on the financial sector losses which had suspended the IMF negotiations last year.

Here’s what we know:

    • “The previous dispute has ended, and there is an agreement between me, BDL head Riad Salameh, the prime minister and the finance minister on all numbers,” Chami said.

    • Commenting on the timeline for seeing tangible results from the negotiations with the IMF, Prime Minister Najib Mikati’s deputy said “we hoped we could reach a preliminary agreement before the end of the year … however, there might be a slight delay.”

    • Chami said that what was discussed today is only one part of the reform program, there is also the issue of the government’s budget for 2022 and a clear economic plan to be reviewed with the IMF. However, the devaluation of the Lebanese lira against the US dollar was not discussed.

    • The Lebanese delegation assigned to negotiate with the IMF is made of Chami, Banque du Liban head Riad Salameh, Finance Minister Yousef Khalil, Economy Minister Amin Salam , and two advisers to President Michel Aoun.

    • Lebanon is seeking to unlock cash assistance from the IMF to help the country in its economic recovery. However key reforms are expected to be undertaken by the Lebanese government, including reform of the electricity sector, exchange rate unification and improvements in governance through the forensic audit of the central bank and other ministries and departments. 


BEIRUT — The Lebanese committee assigned to negotiate a financial rescue package with the International Monetary Fund has agreed on a “unified vision” regarding the numbers in the financial and banking sectors, Deputy Prime Minister Saade Chami said in a press briefing Monday following a meeting of the group. The previous government’s International Monetary Fund negotiation team...