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ECONOMIC CRISIS

Association of Banks in Lebanon says it doesn't oppose IMF deal

BEIRUT (Reuters) — The Association of Banks in Lebanon (ABL) said on Wednesday it does not oppose an April draft deal between the government and the IMF, and sees an agreement with the fund as one of the main ways to exit Lebanon's financial crisis.

Here's what we know:

    • At the same time, the ABL said that financial sector losses estimated at some $70 billion must be distributed in a way so that they do not fall solely on banks and depositors.

    • The statement followed Reuters reports on an ABL letter to the IMF in which the banking group said the conditions of the draft deal were "unlawful" and "unconstitutional."

(Reporting by Timour Azhari; Editing by Mark Heinrich)


BEIRUT (Reuters) — The Association of Banks in Lebanon (ABL) said on Wednesday it does not oppose an April draft deal between the government and the IMF, and sees an agreement with the fund as one of the main ways to exit Lebanon's financial crisis.Here's what we know:    • At the same time, the ABL said that financial sector losses estimated at some $70 billion must be distributed...