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Berri: Lebanon Ready to Implement Reforms, Regain Confidence

Berri: Lebanon Ready to Implement Reforms, Regain Confidence

Monday, 24 February, 2020 - 08:45
Speaker Nabih Berri (NNA)

Speaker Nabih Berri asserted that Lebanon is keen on introducing radical reforms to guarantee the success of measures aimed at salvaging the economy as the government mulls debt restructuring.

Berri met on Sunday with a delegation from the International Monetary Fund (IMF) headed by Martin Srizola, in the presence of Minister of Finance Ghazi Wazni.

During the meeting, the IMF delegation was briefed on the country's financial and economic situation.

“Lebanon is committed to the fundamental reforms required at all levels to ensure the success of the rescue plan and bringing back confidence in Lebanon,” Berri told the delegation.

The fast-approaching debt payments include a $1.2 billion Eurobond maturing on March 9.

The IMF began meetings with Lebanese authorities on Feb. 20 to provide broad technical advice on how to tackle the country’s crippling financial and economic crisis.

MP Anwar Al-Khalil, a member of Berri’s parliamentary bloc admitted on Sunday that the economic situation is complicated.

The deputy said the government is about to restructure public debt.

“We are now on the right path,” he said, calling on the government to deal with bank depositors by implementing solutions that appease them.

Since November, banks have been imposing strict measures on capitals and withdrawals.

The country is facing an acute liquidity crunch while the Lebanese pound has slumped by about 60 percent on a parallel market, hiking inflation.

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