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Lebanese banking association toys with the idea of pulling out of talks with IMF

Lebanon’s banking association said Thursday it might withdraw from talks with IMF owing to rows over the scale of the country’s vast financial losses, Zawya reports.
“The atmosphere that prevailed at a meeting today at the finance ministry brought matters back to square one and does not encourage moving forward towards an understanding. … Not continuing the negotiations on the part of the banking association is a possibility,” it said in a statement.
A second statement issued shortly after did mention a possibility of withdrawing, the media notes.
The Middle East country is talk with the Washington-based financial institution to resolve severe going financial crisis in the country and which has caused a steep decline in the value of the currency, an increase in inflation and widened the poverty level.
The talks have been stumbling after two top members of the government’s own team resigning, allegedly in frustration at the administration’s lack of commitment to reform, The New Arab reports.
The IMF program is widely seen as the way out of the crisis, in view of attracting external donors and financiers.

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Posted by on Jul 24 2020. Filed under Finance, Headlines. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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