Lebanon Appeals to Creditors But Has Little Progress to Report

Top Lebanese officials conceded they’ve made little headway in meeting the conditions set as part of a preliminary agreement with the International Monetary Fund, as they made a rare outreach to bondholders more than two years after the government’s debt default.

The deal reached last month requires Lebanon to agree with its creditors, which include major international hedge funds, on a plan to restructure its external debt and restore credibility. But the IMF board won’t consider it for final approval until authorities implement a series of much-delayed reforms, such as overhauling the electricity sector and introducing capital controls.