Cabinet Convenes in Baabda

The weekly Cabinet meeting convened at Baabda Palace on Thursday to discuss 30 items on the agenda, mainly an “emergency plan” to tackle pressing issues, as the debt-ridden country seeks assistance to rescue its moribund economy.

The National News Agency said the Cabinet will mainly discuss the “monetary and financial situation, and other urgent matters.”

A source who spoke on condition of anonymity, said the government will not take any decision on whether Lebanon should pay or default $1.2 billion in Eurobonds that reach maturity on March 9.

Lebanon still has to decide on that, and has lately sought advice from IMF experts on the issue.

On Tuesday, IMF confirmed it will send a mission to Beirut this week to provide advice on the nation's economic policies.

Lebanon has the world's third-highest debt-to-GDP ratio and has been sliding towards default in recent months, with tight capital controls and a currency devaluation already hitting purchasing power.

Lebanon has requested help from the IMF to assess the measures needed to rebuild the economy, and invited eight firms to compete on providing financial advice on whether it should pay or default its debts..