Lebanon on Wednesday formally requested the International Monetary Fund’s technical help in shoring up its economy, a move that a senior government source said would include the fund’s aid in drafting a plan to avert financial collapse, Trend reports citing Reuters.
As Lebanon’s government grapples with an economic crisis that has fueled increasingly violent protests, the heavily indebted country must urgently decide on how to deal with fast-approaching debt payments, including a $1.2 billion Eurobond due on March 9.
“We have recently received a request from the Lebanese authorities to offer advice and technical expertise on the macroeconomic challenges facing the economy,” IMF spokesman Gerry Rice said in a statement.
He said the IMF regularly provides advice to its member countries on policies and reforms to restore economic stability and promote growth. The IMF statement made no mention of financial assistance for Lebanon.
“Any decisions on debt are the authorities’, to be made in consultation with their own legal and financial advisers,” Rice added.
As part of the request, the senior government source said Lebanon asked the IMF to send a team to Beirut to help draw up a comprehensive plan to avoid default.