(Reuters) – Officials from Lebanon will begin talks with the International Monetary Fund Monday, according to a government source.

A spokesperson for the IMF also stated to Reuters that a virtual team would begin talks next week with Lebanese officials.

According to the Lebanese government, it is hopeful that the first agreement will be reached with IMF for financial assistance between January and February. An IMF agreement is the best way to help Lebanon in its financial crisis.

In December, the fund stated that it would be assessing $69 billion in losses in Lebanon’s financial sector.

IMF talks 2020 in Paris were derailed by disputes in Lebanon regarding the loss and distribution. While the IMF endorsed the government plan, the central bank, the banks and the political elite rejected the figures.

Najib Mikati, the Prime Minister of Lebanon, stated in September that his cabinet would create a financial recovery plan. However the cabinet has not met since October.

The meeting will meet again Monday for the discussion of the budget 2022, although no details about the recovery plan have been made public.

In 2019, the Lebanese banking system crashed due to decades of corruption, waste and unsustainable financing. Slowing inflows into banks of hard currency, which were heavily lent to the government, was the trigger.

As the hard currency becomes less valuable, there are a number of reforms IMF could seek. These include cutting subsidy payments and unifying the exchange rates within Lebanon’s cash-strapped economy.