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.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.