Hizbullah Rejects IMF 'Management' of Lebanese Crisis

Hizbullah deputy Secretary General Sheikh Naim Qassem said his party rejects allowing the International Monetary Fund to manage the financial crisis in Lebanon, indicating rejection of any IMF loan that would impose harsh conditions on heavily indebted country.

“We will not succumb to arrogant means to address the crisis...we will not let the IMF manage the crisis,” said Qassem, but added that Hizbullah does not oppose Lebanon seeking the IMF’s advice.

“Yes, we do not mind consultations (with the IMF), this is what the Lebanese government is doing,” he added.

An International Monetary Fund delegation began meetings last week in Lebanon to provide advice on dealing with the crippling economic and financial crisis amid concerns the country might default on its Eurobond debt payment for the first time.

Lebanon on Tuesday agreed to appoint Cleary Gottlieb Steen & Hamilton LLP as a legal adviser on the country's Eurobond debt that stands at more than $87 billion or more than 150% of the GDP.

Lebanon is experiencing its worst economic and financial crisis since the end of the 1975-90 civil war. The situation deteriorated after nationwide protests broke out in mid-October against the ruling elite blamed for decades of corruption and mismanagement.