
by AFP — Lebanon Friday pledged to finalise a plan to restructure the country’s massive debt by the end of 2020, just weeks after its first default in history. Finance Minister Ghazi Wazni promised “a full restructuring of the government debt –- both Lebanese pound and dollar denominated debt” as part of a wider economic recovery plan. “Our aim is to finalise this ambitious turnaround agenda before year-end 2020,” he said during a presentation to investors by webcast. Describing the Lebanese economic model as “broken”, he also pledged banking sector and fiscal reforms. One of the most indebted countries in the world, Lebanon is burdened by a public debt equivalent to more than 170 percent of GDP. On Monday, the finance ministry said it would discontinue payments on all of its outstanding dollar-denominated Eurobonds. This came after its first default in history on a $1.2 billion Eurobond originally due on March 9. The country is embroiled in one of its worst economic crises since the 1975-1990 civil war, now compounded by an outbreak of the novel coronavirus. In a bid to halt the spread of the illness, the government has ordered a lockdown until April 12 and ordered all non-essential businesses to close.
![Lebanese Minister of Interior and Municipalities, Mohamed Fehmi, holds a press conference on coronavirus (Covid-19) in Beirut, Lebanon on 22 March 2020. [Hussam Chbaro - Anadolu Agency]](https://i1.wp.com/www.middleeastmonitor.com/wp-content/uploads/2020/03/20200323_2_41498460_53309952.jpg?resize=1200%2C800&quality=85&strip=all&ssl=1)








