Tuesday, December 07, 2021

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Lebanon hopes to get loan from International Monetary Fund

Lebanon hopes to get loan from International Monetary Fund

Beirut, Nov 5 (Prensa Latina) The Lebanese government is pinning its hopes on negotiations with the International Monetary Fund (IMF), which would derive loans as relief for its deteriorating economy.
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About two months after it was installed, the Executive faces the continuity of a financial and economic crisis that the World Bank classifies as the worst since 1850.

Over 100 percent of Lebanon’s national currency has devaluated against the dollar, almost 80 out of every 100 of its citizens are below the poverty line (3.64 dollars a day) and the inflation has risen over 500%.

The IMF received a communication from Lebanese Prime Minister Najib Miqati to request a funding program, said Gerry Rice, a spokesman for the IMF, who said preparatory technical talks have already begun.

Talks with the IMF could bring billions of dollars to Lebanon.

After defaulting on its foreign debt for the first time in history, Beirut began negotiations with the IMF that ran into a hitch as a result of disputes over who would assume most of the debts.

In any case, Lebanon requires reforms of all kinds to address a possible total collapse.

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