Lebanon, IMF hold first negotiations session

Official talks between the Lebanese government and the International Monetary Fund on the economic recovery program that the government wants to conclude with the Fund began on Monday afternoon.

The Lebanese side is represented by Deputy Prime Minister Saadeh al-Shami, and the International Monetary Fund is represented by Ernesto Ramirez.

Because the delegation was unable to travel to Lebanon due to travel restrictions imposed by the Fund as a result of the Coronavirus pandemic, the early stages of negotiations will take place online.

During the first session, the agenda and points to be discussed were presented according to a timetable of about two weeks.

This as al-Shami said in a statement that the first stage of negotiations will discuss several topics, including the budget, the banking sector, the dollar exchange rate, the balance of payments, the energy sector, governance, assistance to poor families and other topics that will form “the basic elements of the economic recovery program," 
 
In response to a question, al-Shami expressed hope that the negotiations would be completed as soon as possible, but added that given the complexity of the issues, additional rounds may be held until an agreement is reached.

He stated that following the conclusion of the negotiations and approval by the Council of Ministers, the Lebanese government will sign a preliminary agreement with the IMF delegation, following which the IMF delegation will submit its report to the Board of Directors until final approval is obtained and implementation begins.