Friday, December 03, 2021

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Prime minister of Lebanon seeks to recover economic bailout

Prime minister of Lebanon seeks to recover economic bailout

Beirut, Sep 28 (Prensa Latina) Prime Minister of Lebanon Najib Mikati will try to recover an economic rescue plan, prepared by the Lazard consulting firm, and which according to The Daily Star was rejected by the Central Bank and the ruling political elite.
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Mikati issued statements to the news outlet specifying that he would ask the company for a more realistic vision to get the country out of an announced collapse.

Lebanon would be very lucky to reach an agreement with the International Monetary Fund (IMF) before the end of the year, he said.

The projection made by the head of government consists of a fairer distribution of losses in the financial system and protecting the rights of savers.

Lazard drafted a rescue plan for the former Executive that identified losses of about 90 billion US dollars.

However, objections from bank managers, opposition from the Central Bank and the ruling political elite prevented the project from being carried out.

With the parliamentary elections scheduled for April, the government needs to establish a pact with the IMF, which experts consider the only one capable of raiding aid promised by the international community, on condition of structural reforms.

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