Mikati meets with IMF delegation

BEIRUT — Prime Minister Najib Mikati met Thursday with a delegation from the International Monetary Fund which arrived in Beirut the day before, and seeks to reach an agreement with Lebanon as it struggles from an unprecedented economic crisis.

Here's what we know: 

    • In their meeting, discussions took place about the steps reached in the negotiations between the two parties regarding the financial cooperation program, the NNA reported. Deputy Prime Minister Saade Chami and advisors to the prime minister Nicolas Nahas and Samir Daher attended the meeting.

    • This new two-week visit comes following a three-day trip that took place at the end of February. IMF experts met Lebanese officials through video calls between Jan. 24 and Feb. 10. On Feb. 11, the head of the IMF delegation to Lebanon Ernesto Ramirez-Rigo had stated five pillars that Lebanon must work towards in order to be able to join the organization's financial assistance program: budgetary reforms, restructuring of the financial sector, reform of public institutions and enterprises, strengthening of governance and the establishment of a "credible" exchange rate system.

    • Lebanese officials have still not completed the process of adopting a budget — the draft of which was finalized in February by the cabinet. It was placed in the hands of the parliamentary Finance and Budget Committee, which will discuss it today. A bill establishing capital controls was endorsed on Wednesday by the cabinet after being sent back by the parliamentary committees. It is awaiting approval as well as the general assembly of Parliament.