The logo of the International Monetary Fund. (Credit: Tim Sloan/AFP)
BEIRUT — A new International Monetary Fund mission will visit Lebanon "before the end of March," the body's spokesman announced on Thursday, noting the important work still to be done even if the discussions have progressed.
"We are trying to work with the Lebanese authorities to formulate a reform program that can address the serious economic and financial challenges facing Lebanon," said Gerry Rice at a press conference. "I would say that the discussions are progressing well," he added. But "important work is needed in the period ahead. "Lebanon's challenges are deep and complex," he continued, justifying the length of the talks.
Lebanese officials have agreed to assess the financial sector's losses at $69 billion as a basis for negotiations with the IMF. On February 11, the institution had published its roadmap for Lebanon, which defaulted on its sovereign debt in 2020 for the first time in its history. It called for fiscal reforms to ensure debt sustainability, rebuilding the financial sector, reforming state-owned enterprises and aggressively fighting corruption.