Lebanon to ask IMF for technical assistance to restructure debt

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IMF
IMF

Lebanon will officially ask for the technical support from the International Monetary Fund to restructure its debt, LBCI local TV channel reported Wednesday.

“Lebanon will send within hours an official request to the IMF to request their technical assistance,” said a government source.

Debate has recently been intensified among Lebanese authorities and experts as the country is struggling to decide what to do about its 1.2 billion U.S. dollars Eurobonds maturing in March.

Lebanon has never defaulted on its debt but the country is currently experiencing an unprecedented financial crisis with a budget deficit estimated at no less than 10 billion dollars in 2019.

Some experts are in favor of repaying the Eurobonds issue in March to protect Lebanon’s reputation while others are against this move amid severe shortage in U.S. dollar currency at the banks and tough restrictions imposed on citizens’ withdrawals from their banks’ deposits.

Meanwhile, the Association of Banks in Lebanon issued a statement on Wednesday saying that it is necessary to repay the Eurobonds on time to protect depositors and preserve the country’s place in international markets. Enditem

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