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IMF BAILOUT

Deputy PM Chami: "Negotiations with the IMF will step up”

Deputy PM Chami:

Lebanese Prime Minister Najib Mikati received a delegation from the IMF which included the new head of mission, Ernesto Ramirez-Rigo (center-left) on December 7, 2021, at the Grand Serail. (Credit: Dalati and Nohra)

BEIRUT — Deputy Prime Minister Saade Chami announced on Thursday after meeting with President Michel Aoun that "negotiations with the International Monetary Fund will step up,” as IMF delegation is scheduled to visit Lebanon in January.

Here’s what we know:

    • Chami also said that he hopes an agreement with the IMF will be reached "as soon as possible" to unlock financial assistance to Lebanon as it continues to endure an unprecedented economic crisis that has touched most sectors of its economy.

    • "We are preparing various files so that they are finalized for these negotiations," the deputy PM added.

    • Discussions between Lebanon and the IMF, which restarted after the formation of Najib Mikati's government on September 10, are seen as crucial in halting the collapse of Lebanon and kickstarting its recovery.

    • In an interview with AFP on Wednesday, Chami indicated that the negotiations could provide their first "concrete" results as of January 2022. He also specified that an "economic rescue plan" will be prepared with the IMF and sent to the board of the institution for approval, noting the need for the government to prove "that it is really committed to the reforms."

    • The Deputy Prime Minister also claimed not to know if the finalization of the forensic audit of Lebanon’s central bank will be a prerequisite for such an agreement.

    • Prime Minister Najib Mikati has previously said that the first official meeting between the two parties is scheduled for January 15, while only technical discussions have so far taken place.

    • Lebanon defaulted on its foreign currency debt in March 2020 before officially requesting help from the IMF, with the goal of obtaining cash financial assistance. 


BEIRUT — Deputy Prime Minister Saade Chami announced on Thursday after meeting with President Michel Aoun that "negotiations with the International Monetary Fund will step up,” as IMF delegation is scheduled to visit Lebanon in January.Here’s what we know:    • Chami also said that he hopes an agreement with the IMF will be reached "as soon as possible" to unlock financial...