Lebanon strikes $3 billion IMF deal in step to addressing crisis

Lebanon strikes $3 billion IMF deal in step to addressing crisis

By Dana Khraiche and Maria Elena Vizcaino

Lebanon reached a preliminary agreement with the International Monetary Fund for a $3 billion loan facility, the first sign in two years that authorities are serious about tackling the country’s worst financial crisis.

The IMF loan will be disbursed over four years in return for the phased implementation of an economic recovery plan that will see the country overhaul its banking sector, restructure its debts and rationalize government spending. The staff-level agreement is subject to the approval of the IMF board.