Lebanese House Speaker in favor of seeking technical support from IMF

February 11, 2020

   BEIRUT, Feb. 11  -- Sources close to Lebanese House Speaker Nabih Berri said that Berri is in favor of seeking technical support from the International Monetary Fund (IMF) for an economic rescue plan for the country, local newspaper Annahar reported on Tuesday.
   However, Berri also said Lebanon cannot surrender itself totally to the IMF because the organization will impose conditions that the country cannot bear. 
   Debate has recently intensified among Lebanese authorities and experts as the country is struggling to decide what to do about a 1.2 billion U.S. dollars Eurobond maturing in March.
   Berri believed that any decision regarding the payment of the Eurobond should be taken based on IMF's advice. 
   Lebanon has never defaulted on its debt but the country is currently experiencing an unprecedented financial crisis with a budget deficit estimated at no less than 10 billion U.S. dollars in 2019.
   Banque Du Liban, Lebanon's central bank, has for years dealt with maturing bonds on behalf of the finance ministry but the bank is currently facing a drop in its foreign reserves caused by economic slowdown amid nationwide protests.  Xinhua

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