IMF experts visit Lebanon as it faces financial crisis
On Thursday, At the beginning of a visit to Lebanon, A group of experts from the International Monetary Fund (IMF) met Lebanese government authorities to advice on how to handle the nation’s weakened economic and financial crisis
Finance Minister Ghazi Wazni stated in an announcement issued by his office, that “The Fund is giving its view considering the current situations and the economic, financial and reform plan Lebanon needs,” “The Fund delegation will proceed with its work until the completion of assistance with Lebanon to set up the plan,” Wazni included, Reuters revealed.
Lebanon has not mentioned capital assistance from the Fund as it draws up an arrangement to fight the economic emergency. The IMF has maintained that its team will remain until February 23 to give comprehensive specialized counsel.
The financial crisis soared a year ago as capital flow into the nation eased back, and protests hurled against the governing elite over many years of corruption and awful administration.
Hassan Diab’s government, which took office a month ago, must settle on some upcoming debt payments, prominently a $1.2 billion sovereign bond outstanding on March 9.
On Thursday, Lebanese President Michel Aoun expressed, measures would be taken to consider responsible individuals who added to Lebanon’s capital crisis through unlawful activities be they travel abroad, control of Eurobonds, or different acts, The Arab News reported.
The Lebanese financial affiliation encouraged President Michel Aoun to find a speedy resolution for the forthcoming bond installments to curtail losses from declining bond prices that are heaping pressure on banks. The affiliation stated the bonds ought to be managed in a “specialized route a long way from political issues” and to find a correct solution.
The Finance Minister stated that it had issued a request to 12 organizations to fill in as a financial counsel for a potential debt rebuilding, The Reuters reported.