Lebanon banking association affirms its unity after criticism by member banks

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Lebanon

Lebanon banking association affirms its unity after criticism by member banks

BEIRUT - Lebanon's banks association ABL affirmed its unity and said it reiterated the necessity of Lebanon reaching a deal with the IMF in a June 27 board meeting, an association statement said Tuesday.

The ABL also called on the Lebanese state to shoulder a portion of financial sector losses estimated at some $70 billion.

The statement follows criticism by several prominent banks of a recent ABL letter to the IMF in which it slammed an April draft deal with Lebanon.

(Reporting by Timour Azhari; Editing by Alex Richardson)