As Crisis Bites, Lebanon to Seek IMF Technical Assistance on Debt Restructuring

Cash-strapped Lebanon is set to request technical assistance from the International Monetary Fund (IMF) on Thursday, according to a senior political source. The source told Reuters on Wednesday that the formal request will be sent “in the coming hours” for advice on how to help stabilise the country’s nose-diving economy, and potentially restructure its debt, Middle East Eye reported. Lebanon has a $1.2bn Eurobond maturing on 9 March and is apparently seeking advice on whether to pay it. Local newspaper Annahar quoted Nabih Berri, speaker of parliament, as saying: “We need to send a message to the world, perhaps to the Americans in particular - given that they’re the most influential and active factor in the International Monetary Fund - stipulating that Lebanon needs the fund’s technical help for a rescue plan.” Read more