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IMF NEGOTIATIONS

IMF delegation meets with Mikati, Aoun

IMF delegation meets with Mikati, Aoun

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

BEIRUT — A delegation from the International Monetary Fund met Tuesday with Prime Minister Najib Mikati at the Grand Serail and separately with President Michel Aoun to continue discussions surrounding an IMF deal to assist Lebanon’s recovery from a more than 2-year-old financial crisis.

​​Here’s what we know:

    • During the meeting, the IMF’s representatives discussed with Mikati the framework of the agreement and tackled “the recovery program and the basic details, including public finance, the banking sector, Banque du Liban, structural reforms and monetary policy,” a statement issued by the prime minister’s office after the meeting read.

    • Separately, Aoun met with the representatives and they discussed cooperation between Lebanon and the Fund, according to the president’s office

    • The IMF delegation’s visit comes a day after legislators failed to make headway on a long-stalled capital control law. A joint parliamentary committee decided Monday to refrain from sending the latest draft of the law to be voted on in Parliament Tuesday, with the heads of both committees saying the draft currently in play is too biased in the banking sector’s favor. A capital control law is one of the IMF’s prerequisites for unlocking a financial rescue package for Lebanon.

     • According to L'Orient Today's Presidential Palace correspondent, a group led by Ernesto Ramirez-Rigo, the IMF's chief of mission for Pakistan, the Middle East, and Central Asia, arrived in Beirut on Monday for a several-day visit. According to the reporter, Ramirez-Rigo has taken over as the international organization's point of contact with Lebanon, replacing Martin Cerisola.

    • The prime minister’s office’s statement says that the delegation affirmed willingness to assist Lebanon in reaching a solution to end the present situation.

BEIRUT — A delegation from the International Monetary Fund met Tuesday with Prime Minister Najib Mikati at the Grand Serail and separately with President Michel Aoun to continue discussions surrounding an IMF deal to assist Lebanon’s recovery from a more than 2-year-old financial crisis. ​​Here’s what we know:     • During the meeting, the IMF’s representatives discussed...