Lebanon - Q&A from the press briefing (10 March 2020)

Q: What is your response to the announcement yesterday by Lebanon that it would default on the $1.2 billion Eurobond payment due on March 9?

A:
We have taken note of the announcement by the Lebanese prime minister that Lebanon would suspend the payment of its debt obligations due on March 9, 2020, as well as the Lebanese authorities’ willingness to restructure the country’s debt.

As called for by the international community during the meeting of the International Support Group in Paris in December, and in accordance with the commitments made by the Lebanese authorities, Lebanon’s economic and financial situation demands prompt and concrete measures.

The Lebanese prime minister expressed his determination to initiate reforms in order to respond to the economic, social and political aspirations of the Lebanese people. These announcements must now be put into action - the only way to restore confidence among the Lebanese people as well as donors. These reforms must be undertaken in the general interest of all Lebanese people.