Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Lebanon Banks Association Says It Doesn’t Oppose IMF Deal

Lebanon Banks Association Says It Doesn’t Oppose IMF Deal

Wednesday, 22 June, 2022 - 16:45
People line up in front of a bakery to buy bread in Lebanon's southern city of Sidon on June 22, 2022 as fuel and wheat shortage deepens. (AFP)

The Lebanese banks association ABL said on Wednesday it does not oppose an April draft deal between the government and the IMF, and sees an agreement with the fund as one of the main ways to exit Lebanon's financial crisis.


At the same time, the ABL said that financial sector losses estimated at some $70 billion must be distributed in a way so that they do not fall solely on banks and depositors.


The statement followed Reuters reports on an ABL letter to the IMF in which the banking group said the conditions of the draft deal were "unlawful" and "unconstitutional".


Editor Picks

Multimedia