Lebanon To Start Virtual Talks With IMF Amid Economic Crisis

Lebanese officials will start talks with the International Monetary Fund (IMF) today. Lebanon's cabinet will hold its first meeting in three months after a gap in which the country's economic crisis deepened.

An IMF spokesperson told Reuters on Saturday about the virtual talks with Lebanese authorities. The Lebanese authorities will discuss the economic recovery and measures to improve the living conditions of the people.

Reportedly, the Lebanese government has said it hopes to reach an initial agreement with the IMF for financial support between January and February. The meeting is crucial for the government to get foreign aid to support the economy of the country.

The IMF said in December that it was assessing a $69 billion figure announced by Lebanese officials for losses in the financial sector of the country. However, disagreements in Lebanon over the size of the losses and distribution of the amount jeopardised IMF talks in 2020. The central bank, regional banks and political elite rejected figures set out in a government plan that was endorsed by the IMF at that time.

Reportedly, the talk was also on hold amid a row over a probe into the 2020 deadly Beirut port explosion. Lebanon’s economic crisis deepened more after the tragic accident. The economic crisis pushed more than half the population into poverty and hunger. The Beirut port explosion was caused by a large amount of ammonium nitrate stored unsafely for years. The tragic incident killed over 200 people. The financial system of the country collapsed in 2019 because of decades of corruption and waste in the state and the unsustainable way it was financed.

According to political sources, several reforms the IMF would likely seek in the meeting, including cutting subsidies and unifying the numerous exchange rates in Lebanon's chaotic cash economy.

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