Lebanon’s PM says IMF talks progressing well

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Lebanon’s Prime Minister Najib Mikati said on Monday that preliminary talks with the International Monetary Fund were advancing well.

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“For the first time we have handed over unified financial figures,” Mikati told an economy conference in Beirut. “We hope we will have a letter of intent soon.”

Lebanese Prime Minister Najib Mikati said the country can not spend any more on subsidies.

High-Sulphur fuel from Iraq is currently the country’s only source of power, he added, providing five hours a day.

The International Monetary Fund (IMF) requires the country’s budget for 2022 to be presented to parliament before the end of the year, he said.

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