IMF team to visit Lebanon for consultations as debt restructuring appears probable – The National

IMF team to visit Lebanon for consultations as debt restructuring appears probable – The National

IMF team to visit Lebanon for consultations as debt restructuring appears probable. Beirut has still not asked the Washington lender for a bail out programme. The International Monetary Fund will visit Lebanon starting tomorrow for consultations with officials as the country grapples with its worst economic crisis in three decades, the Washington lender said in a statement late Tuesday.. Lebanon has still not requested financial assistance from the Washington lender, Mr Rice said.. On Tuesday Fitch Ratings said Lebanon's financial position points to a likely restructuring of its debt and financial sector.. "Although Lebanon technically retains foreign-exchange reserves sufficient to service its sovereign debt repayment obligations in 2020-21, the costs of meeting its obligations would be so high that this outcome appears politically unrealistic," the rating agency said.. "We believe that some form of government debt restructuring is probable.". Lebanon currently faces a liquidity crunch, a shortage of dollars and capital controls by lenders that have eroded confidence in the banking sector.. Government debt restructuring "will be only part of the challenge," Fitch said.. Last month, the IIF estimated Lebanon will need a bailout package of $8.5bn from the IMF to break its economic impasse and help it meet its