Insider Economy Lebanon banks to remain closed on Wednesday due to ongoing unrest

Lebanon banks to remain closed on Wednesday due to ongoing unrest

Lebanon’s banks will remain closed on Wednesday amid ongoing unrest, the country’s banking association said on Tuesday, according to Lebanese broadcaster LBCI.

At the same time, a top government adviser said on Tuesday that Lebanon expects foreign donors to react positively to reforms it has agreed, and wants to show it is serious about cutting the budget deficit.

Lebanon‘s cabinet on Monday approved an emergency reform package in a bid to defuse the biggest protests in decades and help unlock billions pledged at a donor conference last year.

Prime Minister Saad al-Hariri and top officials drew up the list of steps at the weekend amid protests sweeping the country and rising calls for the government to resign.

“We believe the decisions will get very positive reactions,” he said. “It is hoped that…Lebanon, in a very short period of time, will be able to restore the capacity to fund debt requirements,” Nadim Munla, Hariri’s senior adviser told journalists.

He said bond holders would not be affected by the reform package, which includes cutting debt servicing costs.

(Reuters)

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