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World News

IMF says Lebanon requests technical help on economy, debt

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13-Feb-2020

Beirut: Lebanon on Wednesday formally requested the International Monetary Fund’s technical help in shoring up its economy, a move that a senior government source said would include the fund’s aid in drafting a plan to avert financial collapse.
 
As Lebanon’s government grapples with an economic crisis that has fuelled increasingly violent protests, the heavily indebted country must urgently decide on how to deal with fast-approaching debt payments, including a $1.2 billion (Dh4.4 billion) Eurobond due on March 9.
 
“We have recently received a request from the Lebanese authorities to offer advice and technical expertise on the macroeconomic challenges facing the economy,” IMF spokesman Gerry Rice said in a statement.
 
He said the IMF regularly provides advice to its member countries on policies and reforms to restore economic stability and promote growth. The IMF statement made no mention of financial assistance for Lebanon.
 

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