Lebanon Forms Delegation to Negotiate with IMF

The cabinet held a session at the Presidential Palace in Baabda on Wednesday (NNA)
The cabinet held a session at the Presidential Palace in Baabda on Wednesday (NNA)
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Lebanon Forms Delegation to Negotiate with IMF

The cabinet held a session at the Presidential Palace in Baabda on Wednesday (NNA)
The cabinet held a session at the Presidential Palace in Baabda on Wednesday (NNA)

The Lebanese cabinet on Wednesday completed the formation of a committee tasked to negotiate with the International Monetary Fund (IMF) to unlock billions in aid as the country suffers from a severe economic and financial crisis.

The government also assigned the Finance Minister to borrow $100 million from the Central Bank to require Electricite du Liban (EDL) to secure an increase in feeding hours.

During the cabinet session held at the Baabda Presidential Palace, President Michel Aoun stressed that the government should work seriously and quickly to implement the ministerial policy statement.

Prime Minister Najib Mikati briefed the cabinet on the results of his meeting with French President Emmanuel Macron in Paris.

He said the French President showed remarkable interest in supporting Lebanon, and stressed willingness to help in more than one sector, considering that the real door to salvation is the beginning of negotiations with the IMF.

The cabinet on Wednesday authorized, under Article 52 of the Constitution, the committee to negotiate with the IMF.

The committee is headed by Deputy Prime Minister Saadeh Al-Shami with the membership of Finance Minister Youssef Khalil and Economy Minister Amin Salam, in addition to Central Bank Governor Riad Salameh and two experts representing the President, Charbel Qordahi and Rafik Haddad.



US Close to Several Trade Deals, Announcements to be Made in Next Days, Bessent Says

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
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US Close to Several Trade Deals, Announcements to be Made in Next Days, Bessent Says

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., US, June 27, 2025. REUTERS/Elizabeth Frantz/File Photo

The United States is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs kick in, US Treasury Secretary Scott Bessent said on Sunday, predicting several big announcements in coming days.

Bessent told CNN's "State of the Union" the Trump administration would also send out letters to 100 smaller countries with whom the US doesn't have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9.

"President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly," Bessent said.

Bessent denied that August 1 was a new deadline for negotiations. "We are saying this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he told CNN, Reuters reported.

The US Treasury chief said the Trump administration was focused on 18 important trading partners that account for 95% of the US trade deficit. But he said there had been "a lot of foot-dragging" among countries in getting closure on a trade deal.

He declined to name countries that were close to a trade agreement, adding, "because I don't want to let them off the hook."

Trump has repeatedly said India is close to signing a deal and expressed hope that an agreement could be reached with the European Union, while casting doubt on a deal with Japan.

Since taking office, the US president has set off a global trade war that has upended financial markets and sent policymakers scrambling to guard their economies, including through deals with the US and other countries.

Trump on April 2 announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. The news roiled financial markets, prompting Trump to suspend all but the 10% base rate for 90 days to allow more time for negotiations to secure deals, but the process has proven more challenging than expected.

That period ends on July 9, although Trump early on Friday said the tariffs could be even higher - ranging up to 70% - with most set to go into effect August 1.

Bessent, asked about the 70% rate, referred back to the April 2 list, but that did not include such high rates.