Lebanon asks for support from the International Monetary Fund and the Association of Banks rejects the government's bailout

The Lebanese government signed a formal request for assistance from the International Monetary Fund, and the Association of Banks in Lebanon announced its rejection of the government bailout, while protesters protested in front of the central bank in Beirut to condemn the deteriorating living conditions.

Prime Minister Hassan Diab said in a speech after signing with Finance Minister Ghazi Wazni today, Friday, "We started with the first step towards the workshop to save Lebanon from the financial gap, which is difficult to get out without effective and effective assistance."

Diab expressed his hope that the request for assistance from the IMF would constitute "a turning point in the downward path of the financial and economic reality" for Lebanon.

French Foreign Ministry Spokeswoman Annis Von der Mole said that Paris is ready to support Lebanon's efforts on the basis of its announced plan, saying that it is necessary for Lebanon to implement necessary reforms in order to recover its economy.

Government officials estimate that Lebanon needs more than $ 80 billion today to get out of the crisis and revive the economy, as 45% of the Lebanese are living below the poverty line, according to officials ’estimates.

Meanwhile, the Association of Banks in Lebanon said in a statement that it could not agree "in any way" to a government economic rescue plan that was not consulted about it, and described the procedures related to revenues and expenditures in the plan as vague and not supported by an accurate timetable for implementation.

The association said that the plan does not address inflationary pressures, and may practically lead to very high inflation.

The Assembly appealed to members of Parliament to reject the plan for reasons, including that it affected individual ownership, and said it would soon submit a plan to contribute to reducing the recession and paving the way for sustainable growth.

On the other hand, protesters protested in front of the central bank in the capital, and chanted slogans that attacked the bank’s governor, Riyad Salama, and held him responsible for the collapse of the Lebanese pound against the dollar.

The participants also condemned the political power and high prices, before they closed one of the roads adjacent to the Bank of Lebanon.

The protests coincided with strict measures imposed by the security forces around the demonstrations.