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Lebanon’s Mikati Expresses Hope of IMF Accord in Weeks

Lebanon's Prime Minister-Designate Najib Mikati speaks after meeting with Lebanon's President Michel Aoun, at the presidential palace in Baabda, Lebanon August 16, 2021. (Dalati Nohra)
Lebanon's Prime Minister-Designate Najib Mikati speaks after meeting with Lebanon's President Michel Aoun, at the presidential palace in Baabda, Lebanon August 16, 2021. (Dalati Nohra)
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Lebanon’s Mikati Expresses Hope of IMF Accord in Weeks

Lebanon's Prime Minister-Designate Najib Mikati speaks after meeting with Lebanon's President Michel Aoun, at the presidential palace in Baabda, Lebanon August 16, 2021. (Dalati Nohra)
Lebanon's Prime Minister-Designate Najib Mikati speaks after meeting with Lebanon's President Michel Aoun, at the presidential palace in Baabda, Lebanon August 16, 2021. (Dalati Nohra)

A delegation from the International Monetary Fund will start talks in Lebanon on March 29, Prime Minister Najib Mikati said on Saturday, expressing hope of a deal in the coming weeks.

"Next Tuesday they will start their mission in Lebanon," he told reporters on the sidelines of the Doha Forum in Qatar.

"Hopefully ... by the end of two weeks we will see the light," Mikati said.

The Lebanese pound has lost more than 90% of its value since 2019, when the financial system collapsed, plunging the majority of Lebanese into poverty, according to UN agencies.

Reforms demanded by donors to provide assistance to Lebanon include steps to tackle widespread corruption, tax dodging and government deficits - the root causes of the meltdown.

"We don't have an option, it is an obligatory path to negotiate with the IMF and to achieve an agreement," he added.

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OPEC+ Countries Reaffirm Commitment to Market Stability on Current Healthy Oil Market Fundamentals

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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OPEC+ Countries Reaffirm Commitment to Market Stability on Current Healthy Oil Market Fundamentals

FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on May 3, 2025, to review global market conditions and outlook, SPA reported.
In view of the current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in June 2025 from May 2025 required production level.

This is equivalent to three monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on June 1, 2025, to decide on July production levels.