The International Monetary Fund has announced that it will continue to have constructive discussions with Lebanon on the details of the government's economic reform plan.
According to the IMF, discussions are constructive and include many areas including controls for capital movements, restructuring of the financial sector, structural reforms to address losses in the economy and creating conditions for higher and more inclusive growth.
Lebanon started this month talks with the International Monetary Fund, hoping to obtain billions of dollars in financing as part of a package of reforms to put its exhausted economy back on track after it defaulted on sovereign debt.
On the other hand, the Banque du Liban approved a series of circulars regarding the facilities that the BDL can grant to banks and financial institutions, and according to the circular, banks operating in Lebanon can request the Bank of Lebanon to secure 90% of the value of the raw materials imported in foreign currencies to meet the needs of licensed industrial institutions according to assets have a total limit of $100 million or its equivalent in other foreign currencies, provided that the customer does not benefit from the provisions of this article in any import operation, except for up to a maximum amount of $300,000 or its equivalent in foreign currencies.
Source (Al-Arabiya.net website, Edited)
