After forming a new government, Lebanon is aiming to initiate talks with the International Monetary Fund (IMF) and the World Bank to try to end its ongoing economic meltdown, President Michel Aoun said on Wednesday.
“We hope that very soon, after the formation of the government, we will start talks with the International Monetary Fund and the World Bank for financing, as there is an international will to help us,” Aoun said during a meeting with General Labor Union President Bechara Asmar.
“We are not afraid of collapsing, but we are now fighting a battle to get out of the abyss we are in,” he added.
By holding talks with the IMF and the World Bank, Lebanon hopes to agree on an economic rescue plan that unlocks international financial support and paves the way out of the crippling crisis.
To access that support, however, the country would need to implement important financial and administrative reforms and procedures, including a forensic audit into the accounts of the Central Bank of Lebanon.
On a side note, Lebanon is expecting to receive over $1 billion from the IMF as Special Drawing Rights this week, according to a recent announcement by the Finance Ministry.
