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 slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
