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Debt-ridden Lebanon to invite 8 firms to bid to be financial adviser

The Central Bank of Lebanon [Karan Jain/Flickr]
The Central Bank of Lebanon [Karan Jain/Flickr]

Lebanon will invite eight firms to bid to be its financial adviser as it studies all options on its sovereign debt, as the heavily indebted state battles a financial crisis. The comments were made by a source familiar with the matter, according to a report by Reuters.

The invitation for bids does not mean the country has decided to restructure its debt “but it means Lebanon is studying all options and subsequent repercussions”.

The source identified the firms as Moelis & Company, Rothschild & Co, Guggenheim Partners, Citibank, Lazard, JP Morgan, PJT Partners and Houlihan Lokey.

The government is under growing pressure to decide on how to deal with fast-approaching debt payments, including a $1.2 billion Eurobond due on March 9.

A team of IMF experts will visit Lebanon from February 20-23 to meet with authorities on economic challenges and provide broad technical advice “on policies to deal with the macroeconomic challenges facing the economy”, International Monetary Fund spokesman Gerry Rice said on Tuesday.

He said Lebanon had not requested financial assistance from the IMF. He gave no further details about the trip.

Read: Lebanon is using racist campaigns to force refugees to leave

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