Lebanon Seeks Only Technical Assistance From IMF, Not Financial - Spokesperson

(@FahadShabbir)

Lebanon Seeks Only Technical Assistance from IMF, Not Financial - Spokesperson

Lebanese authorities have asked the International Monetary Fund (IMF) to provide only technical assistance in dealing with the country's economic issues and did not request financial support, IMF spokesperson Gerry Rice told reporters on Thursday

WASHINGTON (UrduPoint News / Sputnik - 13th February, 2020) Lebanese authorities have asked the International Monetary Fund (IMF) to provide only technical assistance in dealing with the country's economic issues and did not request financial support, IMF spokesperson Gerry Rice told reporters on Thursday.

"I would want to stress, that this is technical assistance, the Lebanese authorities have not requested financial assistance," Rice said during a press briefing.

On Wednesday, the IMF announced that the Lebanese government has requested advice and technical support, saying the fund is ready to provide such assistance.

Rice stressed the need for economic and structural reforms in order to contain inflation, resume economic growth and solve long-standing problems, "We believe these steps would help to improve conditions," he said.

In January, a new cabinet was formed in Lebanon. The government of Saad Hariri, consisting of 30 ministers, resigned in late October of last year, amid large-scale anti-government protests triggered by an economic crisis.

Lebanon's new government earlier this month adopted a program of measures aimed at preventing the country's economy from collapsing. The country's banking system will be revised as part of the new plan.

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