Yassine Jaber hopes to reach an agreement in principle this week in the negotiations with the IMF, opened Tuesday, November 10, 2026 in Beirut. After the first sitting, the Minister of Finance placed the financial breach law at the centre of the process. It wishes to adopt it by March 2027 at the latest, while recalling that the timetable belongs to Parliament. No agreement was announced at the end of this meeting.
The delegation of the International Monetary Fund arrived in the capital on Monday night. Discussions are scheduled to continue until Friday, 13 November. The inaugural session was held at the Ministry of Finance. The two teams then joined the Phoenicia Hotel to further discuss issues related to the bill.
Negotiations with the IMF detail the losses
Yassine Jaber leads the Lebanese delegation. The Minister of Economy and Trade, Amer Bsat, and the Governor of the Bank of Lebanon, Karim Suaid, participate in the proceedings. Representatives of the Presidency and the Presidency of the Council accompany them. The Director General of Finance, Georges Maurawi, as well as experts from the Ministry, are also present.
After the meeting, the Minister described a series of ongoing sessions. The agreement in principle which he wished to obtain must, in his view, enable the resolution of the banking crisis to begin in practice. This is a target for this week, with no agreed result. Its statements do not include an approved amount of funding or a schedule for disbursement of the Fund.
Jaber insists on the need to re-establish banks capable of financing businesses and granting loans. It considered it impossible to extend the country’s dependence on cash payments. The Minister therefore presented the negotiation as a means of restoring the functioning of the sector beyond the discussion of deposits alone.
The law on the financial breach remains the compulsory passage
The Minister states that the Government and the Bank of Lebanon closely coordinate their positions. This consultation concerns discussions with the Fund and the bill submitted to Parliament. In his view, the lack of adoption of this text prevents the transition to a programme with the IMF.
The « financial breach » refers to the losses that the reorganization mechanism must recognize and allocate. Their treatment is a condition for the restructuring of banks and the recovery of deposits. The vote on the text must therefore lay down a framework before a reimbursement programme is carried out. Tuesday’s remarks do not announce a law already passed.
The IMF itself recalled several conditions on 1 October. They include an effective banking resolution framework and a loss law that complies with international standards. The Fund also requires a 2027 budget and a fiscal path compatible with sustainable debt. Progress in public finance management and governance are also part of the framework.
Jaber links the State’s contribution to its capabilities
When questioned about the distribution of losses, Yassine Jaber presented the order he defended in the discussions. According to his presentation, the State and the Bank of Lebanon must contribute first, then the banking sector. Depositors must bear the losses as a last resort. This presentation is the Minister’s at the end of the first sitting.
He added that the State’s contribution must remain commensurate with its capacity. There are two constraints in his response: the sustainability of public debt and the issue of Eurobond holders. The State must also deal with these commitments. Jaber does not give a definitive amount for his participation in the settlement of the banking crisis.
The Minister minimizes differences of principle and describes above all calculations to measure what each party can bear. He also stressed the responsibility of the Bank of Lebanon in the conduct of the case. It calls for support for the institution to enable it to fulfil this task.
The IMF had clarified its position during its September visit: shareholders and subordinated creditors must absorb losses before depositors. It also requested repayments compatible with bank viability and debt sustainability. These criteria alone do not determine the numerical contribution of each actor.
For applicants, no individual schedule announced
Jaber describes three steps for bank customers: passing the law, reforming the sector, and then implementing the agreed restitution program. He recalled that the Bank of Lebanon was already making payments within its means. He referred to a recent increase in the amounts repaid, without detailing new ceilings in this intervention.
The Minister acknowledges the aspiration of each depositor to recover all of his money. However, it does not transform this expectation into a full refund guarantee. He stressed that after seven years of crisis, the authorities were still looking for a solution to restore a functioning banking sector.
The legislative timetable is now a concrete crossing point. The Parliamentary Committee on Finance and Budget continues to examine the budget, explains Jaber. It must then focus on the financial breach project. The Minister wishes his adoption to take place as soon as possible, without exceeding March 2027. This deadline remains a governmental wish, subject to the decisions of Members. The negotiators must, by Friday, continue to examine the text and the financial capacity of the parties.
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