Lebanon: The Lebanon Finance Ministry said in a statement that Lebanon has resumed discussions with the International Monetary Fund (IMF), seeking a recovery program with international support, The statement issued on Monday said that Lebanon remains fully committed to engaging in a constructive, transparent and equitable debt restructuring process with all other stakeholders, as per media reports.

The Lebanese cabinet formulated the team in charge of negotiating with the International Monetary Fund under the leadership of Deputy Prime Minister Saade Chami and including Finance Minister Youssef el-Khalil, Economy and Trade Minister Amin Salam, and Central Bank Governor Riad Salameh. "The government reiterates its commitment to a fair and comprehensive solution for all creditors and will engage, with the support of its financial and legal advisors, in good faith discussions with all its creditors as early as possible," it added.

Notably, Lebanon has been going through an unprecedented financial crisis with the local currency depreciating by over 90 per cent, limiting people's ability to afford their basic needs. The country's social stability started deteriorating since the October 2019 uprising, adding to it is the economic impact of Covid-19 and the deadly Port of Beirut explosions in August 2020.

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