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A group of Lebanon's bondholders urges new government to start debt restructuring talks-[REPORT]

News Bulletin Reports

21-09-2021 | 03:25

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A group of Lebanon's bondholders urges new government to start debt restructuring talks-[REPORT]

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A group of Lebanon's bondholders, including some of the world's largest investment funds, urged on Tuesday the new government to start debt restructuring talks as soon as possible to help deal with the country's grave financial crisis.

Lebanon has defaulted on a foreign debt payment for the first time last March after years of political unrest and mismanagement of the economy, undermining its ability to serve a debt burden that equals more than 170 percent of its GDP.

In a statement, the group of Lebanon’s bondholders said that it pinned hopes that the new government “would promote a rapid, transparent and equitable debt restructuring process."

"Such a process will require the government to engage meaningfully with the International Monetary Fund, Lebanon's International creditors and partners of the official sector," the statement added.

To watch the full report, please click on the video above.

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