BEIRUT, Feb 17 — A team of IMF experts will begin consultations with the Lebanese government in Beirut on Thursday, a source familiar with the matter said, as the heavily indebted state seeks the Fund’s help in addressing a major financial crisis. Lebanon formally requested IMF technical...
A man walks past concrete barriers erected by authorities to block a street leading to the parliament building in Beirut, Lebanon January 24, 2020. — Reuters pic
Lebanon formally requested IMF technical assistance last week. The IMF has said Lebanon is seeking advice to help with reforms to restore stability and growth and has not asked for any financial assistance.The financial crisis, worse than any Lebanon endured in its 1975-90 civil war, came to a head last year as slowing capital inflows led to a liquidity crunch and demonstrations erupted against the ruling elite.
Lebanon must urgently decide on how to deal with fast-approaching debt payments, including a US$1.2 billion Eurobond due on March 9. Lebanon’s public debt is equivalent to around 150 per cent of its GDP.
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