IMF delegation in talks to assess Lebanon's economy

A delegation from the International Monetary Fund began its meetings in Lebanon Thursday where the international agency is expected to give an assessment on what is needed to save the crumbling economy of the country.

The delegation held talks Thursday morning with Prime Minister Hassan Diab who left after the meeting to the presidential palace where a Cabinet session is scheduled.

The meeting came amid concerns that Lebanon might default for the first time on paying back due Eurobonds.

The IMF team stayed at the government headquarters holding more talks with Diab's advisers.

They later left without speaking to journalists.

Lebanon has been suffering from slow growth, high unemployment and widespread corruption triggering nationwide protests against the political elite since mid-October.

The Arab country is passing through its worst financial and economic crisis since the end of the 1975-90 civil war and the local currency has lost nearly 60% of its value on the black market.

Lebanon also has a massive debt standing at 87 billion US dollars of more than 150% of the GDP.