February 6, 2020 / 7:52 PM / 14 days ago

Exclusive: Lebanon's govt to take 'painful steps' in financial rescue plan - final policy statement

Lebanon's President Michel Aoun heads a cabinet meeting at the presidential palace in Baabda, Lebanon February 6, 2020. REUTERS/Mohamed Azakir

BEIRUT (Reuters) - Lebanon’s government approved a financial rescue plan that calls for cutting interest rates, restructuring the banking sector and taking some “painful steps” while trying not to harm those with limited income, according to a copy seen by Reuters.

The cabinet agreed the final policy statement on Thursday, with minor changes made to a draft obtained by Reuters on Sunday, and will present it to parliament next week for a vote of confidence.

Reporting by Ellen Francis; Editing by Ghaida Ghantous and Chizu Nomiyama

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