Preparatory discussions on a possible IMF financing program for Lebanon have started, the International Monetary Fund said on Thursday.
"Preparatory technical discussions have started," said IMF spokesman Gerry Rice in a scheduled press conference.
Lebanon hopes the talks with the Washington-based crisis lender will help unlock billions of dollars in financial aid.
After defaulting on its debt in March 2020 for the first time in history, the country started talks with the IMF but they hit a brick wall amid bickering over who should bear the brunt of the losses.
Rice said the talks are looking at what steps to take to stabilize the nation's economy.
"Clearly, strong policies and reforms are needed to address the really unprecedented economic and social crisis facing Lebanon and the Lebanese people," Rice said.
IMF Managing Director Kristalina Georgieva met Prime Minister Najib Mikati last week, and said the fund stands "fully ready" to help the struggling nation.
Lebanon's currency, the pound, has lost almost 90 percent of its value against the dollar on the black market since 2019, and people's savings are trapped in banks.
Inflation has soared, and 78 percent of all Lebanese now live in poverty, according to the UN.
