Cabinet policy draft spells out ‘painful steps’ required in financial rescue plan


A policy statement by Lebanon’s new government calls for interest rate cuts and bank recapitalization in a rescue plan that includes “painful steps” to address the country’s financial crisis, according to a draft seen by Reuters on Sunday. 

Prime Minister Hassan Diab is shown chairing the meeting of the panel tasked with drafting a new ministerial statement .

The policy statement was agreed on Saturday by a cabinet committee that will meet on Monday to give it final approval and will be the basis of a confidence vote from parliament.