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Prime Minister of Lebanon will meet IMF delegation amid deepening economic crisis

World [email protected] 18-Feb-2020
ID 131452287 © Kateryna Levchenko | Dreamstime.com

Lebanon’s prime minister is to meet a delegation from the International Monetary Fund on Tuesday as the government grapples with a spiralling financial crisis.

Lebanon has the world’s third-highest debt to GDP ratio and has been sliding towards default in recent months, with tight capital controls and a currency devaluation already hitting purchasing power.

Hassan Diab’s government won parliament’s confidence only last week and immediately requested the fund’s advice on tackling the economic crisis.

The new government must must decide how to deal with $1.2 billion in Eurobonds that reach maturity on March 9.

The IMF delegation is expected to provide an assessment of the measures needed to rebuild the economy but has not been asked to provide financial assistance.

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