Lebanon officially resumed negotiations with the International Monetary Fund (IMF) on Friday, seeking a fresh financial aid program more than three years after signing a framework agreement that has since lapsed and become obsolete.

The renewed talks mark a significant step for the crisis-hit country as it looks to stabilize its economy, which has been mired in a severe financial collapse since 2019.

The meeting was the first in a series of official sessions between the Lebanese government and the IMF negotiating team, set to continue over the coming days and wrap up by June 5.

Lebanon’s delegation is headed by Finance Minister Yassine Jaber and includes Economy and Trade Minister Amer Bsat, Central Bank Governor Karim Souaid, along with several high-ranking officials and advisors. The IMF mission is led by Ernesto Riga, the mission chief, accompanied by Federico Lima, the Fund’s resident representative in Lebanon, and a technical team.

Speaking after the talks, Jaber said the negotiations were “progressing well” and voiced optimism that Lebanon would make “significant progress in terms of reforms,” eventually reclaiming its position within the international community. He also stressed the importance of reviving Lebanon’s banking sector and implementing broad-based reforms.

In response to a question following the meeting, Jaber clarified that “no new taxes” are currently planned to boost government revenues. Instead, the focus will be on improving tax collection mechanisms.

Commenting on efforts to address the country’s large “financial gap,” Jaber noted that “serious work is underway” at the Central Bank, with a dedicated team working on a plan to resolve the issue.

He also indicated that a decision on whether to extend the mandate of the current four vice-governors or appoint new ones would likely be made next week. This decision will be accompanied by the formation of a new Banking Control Commission, which he expects to be finalized before June 9.

“There are many related issues, but in general, things are progressing well,” Jaber said. “By autumn, things will become increasingly clear.”