Lebanese Parliament Speaker Sees Debt Restructuring As Best Way Out Of Crisis - Reports

MOSCOW (Pakistan Point News / Sputnik - 19th February, 2020) Lebanese Parliament Speaker Nabih Berri believes that restructuring public debt is the best solution to getting the country out of its prolonged financial and economic crisis, Lebanon's state National news Agency said on Wednesday.

Berri told lawmakers that it was unacceptable to make citizens pay for the financial crisis by seizing their deposits and savings, and uncontrollably raising prices for essential goods, the agency said.

Earlier in the week, Lebanese presidential aide Amal Abou Zeid told Sputnik that the cabinet was split on whether to default on its hefty sovereign debt amid concerns it will not be able to repay $1.2 billion Eurobond notes maturing next month.

On Thursday, a team of International Monetary Fund (IMF) will arrive in Lebanon to discuss ways to address the crisis and provide technical advice. The country has not officially requested financial assistance from the IMF yet.

Decades of economic hardship prompted street protests in Lebanon last October that ousted Prime Minister Saad Hariri. The new government adopted a plan this month to stop the economy from collapsing under its heavy debt, estimated at 150 percent of the gross domestic product.