First round of negotiations between Lebanon, IMF on Friday

A "first round of negotiations" between the International Monetary Fund (IMF) and the Lebanese government is expected to take place on Friday, according to a statement from the Finance Ministry released on Thursday.

The meeting, which "constitutes the first official meeting between the Lebanese government and the IMF negotiating team," will be held in the presence of Finance Minister Yassine Jaber and the head of the IMF delegation in Lebanon, Ernesto Riga, the Ministry indicates. It comes "after meetings last spring in Washington and after a series of technical meetings at the Ministry over the past two weeks," the text states.

The Friday meeting "is part of the resumption of negotiations to support a comprehensive economic and financial reform program" and will also include the Lebanese Economy and Trade Minister Amer Bsat, the central bank governor, Karim Souhaid, the director general of securities affairs at the Finance Ministry, Georges Meerrawi, as well as experts and advisors from the presidency and the government.

The Lebanese authorities are working to implement measures aimed at pulling the country out of an economic crisis it has been mired in since 2019. Lebanese lawmakers also approved a bill in April bringing amendments to legislation on lifting banking secrecy, a measure demanded for years by the IMF.

Between the end of March and mid-April, Nawaf Salam's government also approved a bill amending banking secrecy, as well as another law aiming to restructure the banking sector, which are key reforms on which the financial aid from the monetary institution that Lebanon has sought depends.