Lebanon will negotiate with the IMF on a new program Economy news

The Lebanese government stated in the ministerial statement, which was approved last night that it would negotiate a new program with the International Monetary Fund and that it is working to address financial stumbling and public debt.

The statement pointed out that the government wants “an effective state in its public administration and institutions, which requires the restructuring of the public sector according to an updated vision.”

He added that the government “will work to advance the economy, which does not restructure the banking sector in order to be able to run the economic wheel. Deposits will receive priority in terms of interest by setting an integrated plan according to the best international standards to preserve the rights of depositors.”

Lebanon has suffered from a very bad economic crisis since 2019, when the financial system collapsed under the burden of huge public debts, causing the country to fail to pay its sovereign debt in 2020 and freeze the savings of ordinary depositors in the banking system.

Beirut reached a draft agreement with the International Monetary Fund in 2022 regarding the provision of financing, which stipulated reforms that the authorities were not able to implement at the time.

Lebanese Finance Minister Yassin Jaber, who took office within a new government formed this month headed by Nawaf Salam, told Reuters that a mission from the International Monetary Fund is expected to take place to Lebanon next March.

Jaber added that he met with the residing representative of the International Monetary Fund in Lebanon, Frederico Lima, stressing that the government intends to move forward with reforms.

The political scene in Lebanon turned upside down when he was exposed to an Israeli aggression that lasted for months. The statement said that the government wants to be Lebanon is a state that has the decision of war and peace.

The statement stressed, “The right of the Lebanese state to exercise its full authority over all Lebanese territory.”

Regarding the energy field, the statement stated that the Lebanese government “will seek to resume work in the field of oil and gas exploration.”

He pointed out that the government will work to “establish a ministry for technology and artificial intelligence.”