Lebanon’s advisers to work on compromise on financial plan, sources say

Lebanon’s advisers to work on compromise on financial plan, sources say

Lebanon's advisers to work on compromise on financial plan, sources say

Lebanon's advisers to work on compromise on financial plan, sources say

Lebanon's advisers to work on compromise on financial plan, sources say

A closed shop for rent in the upmarket area of Kaslik, north of Lebanon's capital Beirut, is pictured on July 16, 2020. (AFP)

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Lebanon's advisers to work on compromise on financial plan, sources say

The plan has been undermined by objections from Lebanon's ruling elite, obstructing IMF talks aimed at rescuing the country from a financial meltdown

The IMF warned Lebanon on Monday that attempts to lower losses from the financial crisis could only delay recovery

Updated 17 July 2020

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BEIRUT: Lebanon's financial adviser Lazard will see if a government financial rescue plan can be adjusted to reach a compromise workable for the International Monetary Fund, two sources said on Friday, after the plan hit resistance from politicians, banks and the central bank.

The plan, which anticipates vast losses in the financial system, has been undermined by objections from Lebanon's ruling elite, obstructing IMF talks aimed at rescuing the country from a financial meltdown.

Prime Minister Hassan Diab's government had approved the plan, which would lead to losses of 241 trillion Lebanese pounds in