May 22, 2020 / 3:50 PM / 3 days ago

Lebanon's government welcomes banks' input in rescue plan

LONDON, May 22 (Reuters) - Lebanon’s Ministry of Finance said on Friday that the government welcomed a contribution by local banks to the country’s financial recovery plan, but added there were issues that will need to be reconciled.

The banking association this week published a proposal for helping the country recover from its pressing financial crisis after criticising the government’s own rescue plan that forms the basis for negotiations with the International Monetary Fund.

In a statement, the Ministry of Finance said the banks’ proposal contained an “encouraging consensus on some of the key issues” but that there were some details not fully addressed in the banks’ proposal and some areas of difference.

The government will continue engaging with the association and its advisers to seek solutions to the crisis, the statement added.

Lebanon began talks with the IMF last week in hopes of securing about $10 billion in financing. It is looking for about $11 billion more from other donors. (Reporting by Tom Arnold; Editing by Carolyn Cohn)

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