Lebanon to seek IMF loan, says it needs $10bn

, , ,

(Beirut) – Lebanon will seek an International Monetary Fund aid package to help it recover from its worst-ever financial crisis, Prime Minister Hassan Diab announced, after his government endorsed a financial rescue plan to pull the country out of its downward economic spiral.

In a televised address to the nation, Diab said Lebanon needs $10bn in international support. He will also try to secure $11bn in favourably-termed loans pledged by the international community two years ago, but which never materialised because the former government failed to implement reforms required to release the funds.