(Reuters) – Two ministerial sources confirmed to Reuters that Lebanon’s Cabinet has adopted an economic recovery program designed to rescue the country from a three year financial collapse.

After the May 15 election, a new parliament was elected that will be able to name a prime minister. Ministers approved the measure at the final session of the cabinet.

There are several things that the plan covers in preparation for an International Monetary Fund bailout.

The IMF reached an April preliminary agreement with Lebanon. It listed several prior actions that must be taken before the IMF can reach a complete deal.

The Association of the Banks in Lebanon rejected in April a draft of government’s recovery plan. This, it claimed would see banks and depositors taking on the government-estimated $72 Billion hole in the financial system.

A statement from ABL was not immediate in responding to questions about Friday’s events.

The banks of Lebanon have served as major lenders for the government over decades. This helped finance a corrupt and wasteful state, which eventually led to financial ruin in 2019.

Depositors have been forced out of savings due to the collapse of local currency. It lost over 90%.