BEIRUT (Reuters – Lebanon resumed interaction with the International Monetary Fund to discuss an “appropriate rehabilitation program”, according to the finance ministry. Prime Minister Najib Mikati has created a new government to deal with the country’s catastrophic economic meltdown.

Minister said that government is “fully committed to engage with in a constructive and transparent debt restructuring process, together with all other stakeholders” in a statement. This was in response to bondholders’ interest to be involved in the process.

The government stated, “The government reiterates it commitment to a fair-and comprehensive solution for all creditors and will engage…in good faith conversations with all its creditors as soon as possible.”

Since late 2019, Lebanon is in deep financial trouble. The currency lost around 90% of its value and poverty have soared.

The country declared default on its sovereign debts in March 2020.

Last summer’s talks between the IMF and the Lebanese government ended in a bitter dispute over losses.