WASHINGTON: Amid ongoing talks on a new aid program, the IMF is examining data from Lebanon’s government on the scope of financial sector losses, estimated at about $69 billion, a fund spokesman said Thursday.
“I’d say there’s been considerable progress in identifying financial sector losses,” IMF spokesman Gerry Rice told reporters in reference to the information submitted this week by Beirut.
Disagreements over the size of the losses between Lebanon’s government, central bank and banking sector contributed to the collapse last year of negotiations with the fund over a new loan program, which is seen as essential to the country’s efforts to emerge from a severe economic slump.
Deputy Prime Minister Saade Chami told AFP that officials have agreed that financial sector losses amount to “around $69 billion,” though he described that as an estimate that could change.
Rice said the Washington-based crisis lender is “now assessing the government’s announced figures, and we’ll continue our discussions with the authorities in the context of the engagement.”
An IMF team will travel to Beirut early next year to continue the discussions, he said.
After defaulting on its debt in March 2020 for the first time in history, the heavily-indebted nation approved a reform plan and launched talks with the IMF.
The nation has faced soaring inflation and the steep decline of its currency.
An IMF delegation last week visited the country, and “had discussions with the authorities on the formulation of a comprehensive reform strategy,” Rice said.
The IMF believes Lebanon will have to carry out fundamental reforms to absorb the financial losses and also restore confidence in its government, and promote investment.
IMF examines extent of Lebanon’s financial sector losses
https://arab.news/rw6yz
IMF examines extent of Lebanon’s financial sector losses
- "I'd say there's been considerable progress in identifying financial sector losses," IMF spokesman Gerry Rice told reporters
- Officials have agreed that financial sector losses amount to "around $69 billion,"
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
