Lebanon Businessnews News

IMF says it is
ready to talk
Seeking aid to draft a plan

No mention of financial assistance

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A spokesman for the International Monetary Fund (IMF) announced that the IMF is ready to provide advice and technical assistance to Lebanon in its efforts to avoid a financial meltdown.

“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. “We are ready to assist the Lebanese authorities,” he said.

Lebanon requested by phone the IMF’s technical help to shore up its economy. It would include the fund’s aid in drafting a plan to avert financial collapse. As part of the request, Lebanon asked the IMF to send a team to Beirut to help draw up a comprehensive plan to avoid default.

“Any decisions on debt are the authorities’, to be made in consultation with their own legal and financial advisers,” Rice added.

The IMF statement made no mention of financial assistance to Lebanon.

Rice said the IMF regularly provides advice to its member countries on policies and reforms to restore economic stability and promote growth. The IMF technical team is expected to arrive to Beirut in the next few days.
Date Posted: Feb 13, 2020
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