Lebanon lays out ‘painful steps’ required in financial rescue plan

A retired Lebanese soldier holds a national flag, during a protest in front the central bank headquarters, in Beirut. (File photo: AP)

A policy statement by Lebanon’s new government calls for interest rate cuts and bank recapitalization in a rescue plan that includes “painful steps” to address the country’s financial crisis, according to a draft seen by Reuters on Sunday.

The policy statement was agreed on Saturday by a cabinet committee that will meet on Monday to give it final approval and will be the basis of a confidence vote from parliament.

Last Update: Wednesday, 20 May 2020 KSA 10:01 - GMT 07:01