Washington finance minister: Lebanon nearing IMF deal

Lebanese Finance Minister Youssef El Jaber affirmed that Lebanon is working towards reaching a new technical agreement with the International Monetary Fund. He pointed out that moving to a comprehensive program with the IMF is linked to passing a law to address the losses from the financial collapse that began in 2019. These efforts come after Lebanon signed its first technical agreement with the IMF in April 2022, but implementation of reforms has been delayed. Jaber explained that the government has launched significant reforms, including a law to restructure the banking sector, in order to make progress in negotiations for the full program. Achieving this requires passing the Financial Gap Law, which defines how to distribute the losses from the crisis and aims to gradually recover depositors' funds. There are expectations of reaching an agreement before the end of the year or as early as today, Monday.

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