In order to save his country’s financial condition, the Lebanese PM asks for Lazard’s help

Lebanese Prime Minister Najib Mikati said Monday he would meet with financial consulting firm Lazard to discuss how his financial recovery plan for Lebanon could be developed into a “more realistic plan” to save the country from the financial crisis. .

Mikati also said Lebanon would be very lucky if it succeeded in reaching a framework in the agreement made with the International Monetary Fund (IMF) by the end of the year.

Mikati, who took office earlier this month, is determined to revive negotiations with the IMF.

Mikati, who is also a billionaire, has struggled to cope with one of the most drastic financial crises in modern world history. The challenges he faces also include a very limited term in office with elections due next spring.

In an interview with Lebanese television station LBCI, he said there would be a fair share of losses in his financial system and that the system was designed to protect small customers. The comments are the most detailed explanation he has given so far of his approach to dealing with Lebanon’s financial collapse.

Lazard had helped the previous administration devise a financial rescue plan in which the Lebanese financial system lost $90 billion.

But the plan was rejected by the Lebanese banking sector, which said the burden was too great, and opposition from the central bank and the ruling political elite caused the crisis.

Reaching agreement on the losses is the first step towards reaching an agreement with the IMF, which backed the figures in the government’s previous plan. (jm/my)