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- Ghazi Wazni鈥檚 meeting with IMF Alternative Executive Director Sami Geadah comes as Lebanon grapples with its worst economic crisis
- It follows a meeting on Friday between Wazni and a delegation from the World Bank
BEIRUT: The new finance minister of debt-saddled Lebanon said he would meet with a senior official from the International Monetary Fund on Saturday for a 鈥渃ourtesy visit鈥� and not bailout talks.
Ghazi Wazni鈥檚 meeting with IMF Alternative Executive Director Sami Geadah comes as Lebanon grapples with its worst economic crisis since the 1975-1990 civil war.
It follows a meeting on Friday between Wazni and a delegation from the World Bank led by its regional director Saroj Kumar Jha.
鈥淚t is a courtesy visit which aims to get to know the IMF team,鈥� Wazni told AFP.
鈥淭he discussions will not focus on an economic rescue plan, which is being prepared (separately) inside government,鈥� he added.
Wazni assumed the post of finance minister on Tuesday with the formation of a long-awaited cabinet that faces huge economic and political challenges.
The previous government resigned on October 29, two weeks into a nationwide protest movement demanding the removal of politicians deemed incompetent and corrupt.
Wazni comes into the post at a time when the plummeting Lebanon pound has lost over a third of its value against the dollar in the parallel market.
Lebanese banks are tightening restrictions on dollar transactions amid a liquidity crunch.
The economic downturn has raised questions over whether Lebanon will turn to the IMF for a bailout 鈥� an option the government has yet to comment on but which some officials regard as inevitable.
Last month, former prime minister Saad Hariri discussed a possible economic rescue plan with the heads of the IMF and the World Bank, further fueling speculation of a bailout.
If Lebanon does turn to the IMF it may have to increase its value-added tax, slash subsidies to the state-owned electricity company, tackle rampant corruption and enact a raft of structural reforms, according to previous IMF recommendations.