The International Monetary Fund (IMF) said Tuesday it is ready to open negotiations with the Lebanese government “on a new aid program” for Lebanon, following a meeting between its representative in Beirut and Lebanese Finance Minister Yassine Jaber.

“We intend to work with the president and the new government to address the significant challenges facing Lebanon’s economy. This includes discussions on a new aid program that could help restore debt sustainability,” an IMF spokesperson told AFP.

According to a statement from Lebanon’s Finance Ministry, Jaber assured IMF representative Frederico Lima that “the government is strongly interested in concluding negotiations” with the fund, particularly regarding the reforms needed to secure a new assistance program. He also stressed the importance of the “technical assistance” the IMF can provide.

Jaber told Reuters that an IMF delegation is expected to visit Lebanon in March. Speaking on the sidelines of his meeting with Lima’s delegation, he reiterated that launching reforms is central to the new government’s agenda, formed on Feb. 8 — a message the former chairman of Parliament’s finance committee has repeated since his appointment.

This marks the first meeting between the new minister and the IMF’s representation since the government took office. The upcoming visit by an IMF team of experts will also be the first since Feb. 8. The last visit took place in May last year.

Before resigning in May 2022, Najib Mikati’s government signed a preliminary agreement with the IMF committing Lebanon to a series of reforms as a prerequisite for a formal financial assistance program, which would unlock $3 billion over four years. However, the country has yet to fulfill its commitments, including initiating a resolution process for its virtually bankrupt banking sector. As a result, while the agreement remains valid, it has yet to be implemented.

According to Reuters, the government believes that reviving the economy after more than five years of crisis can only be achieved through banking sector restructuring, a key element in the ministerial statement of the new government, which is set to be approved in an upcoming parliamentary session.