Lebanon may reach initial pact with IMF between Jan-Feb — deputy PM

Lebanese police stand outside a branch of Blom Bank in the Lebanese capital, Beirut. (File/Reuters)

BEIRUT: Lebanon could reach a preliminary agreement for financial support with the International Monetary Fund (IMF) between January and February, the local Al Jadeed TV said in a tweet on Sunday, citing the deputy prime minister.
Saadeh Al-Shami was quoted by the broadcaster as saying a ministerial committee had agreed with the central bank governor on a $69 billion figure for losses in the financial sector.
The IMF is to assess that calculation, with agreement on the loss figure a crucial first step for Lebanon’s government as it seeks to negotiate a support program.
The IMF has said preparatory technical discussions with Lebanese authorities are underway to lay the groundwork for a fund-supported program with considerable progress made in identifying losses.
Lebanon is experiencing an unprecedented financial crisis and an IMF deal is widely seen as the only way for it to secure aid.