As part of Lebanon’s plan to restore some type of stability to the country’s dwindling economy, Lebanon is in preparation to start negotiations with the International Monetary Fund (IMF).
Lebanese Prime Minister Hassan Diab announced the approval of the financial rescue plan on April 30th, 2020.
The bailout has been deemed the only solution for the country’s worst financial crisis since the civil war.
“Lebanon plans to use the rescue plan to negotiate an IMF program. The country signed a formal request for assistance from the IMF on Friday [May 1st, 2020],” reports LBCI.
On May 4th, 2020, IMF Managing Director Kristalina Georgieva tweeted that she had a “productive call” with the Lebanese PM adding that the IMF team would begin talks with Lebanese authorities soon.
“We agreed that our teams will soon start discussions on much-needed reforms to restore sustainability and growth for the benefit of the Lebanese people,” she said.
The country’s only hope at this point is the IMF deal that will go to the implementation of the long-awaited “much-needed” reforms.
If Lebanon gets the IMF deal, Hassan Diab says it could get the country through the financial disaster for up to five years.
