Lebanon and the International Monetary Fund (IMF) launched negotiations on Wednesday in a bid to pull the crisis-hit country out of its economic meltdown, raising hopes for a breakthrough that could pave the way for essential financial and economic reforms.

The talks began with a meeting between President Joseph Aoun and an IMF delegation, led by Ernesto Ramirez-Rigo, marking the start of discussions aimed at reaching a preliminary agreement to set Lebanon on a path towards financial recovery.

During the meeting, Rigo underscored the urgent need for a unified financial reform plan, stressing that such measures were crucial to helping Lebanon emerge from its prolonged crises.

"A comprehensive and cohesive reform plan is essential to restoring stability and confidence in Lebanon's economy," Rigo said.

President Aoun reaffirmed Lebanon's commitment to implementing the necessary reforms, describing the negotiations as a "vital step towards securing the support needed to revitalize the economy."

The reforms under discussion are expected to lay the groundwork for a final agreement that would unlock much-needed IMF loans, providing Lebanon with a financial lifeline to revive its struggling economy.

The IMF delegation is set to hold additional meetings with Prime Minister Nawaf Salam, Parliament Speaker Nabih Berri, and Finance Minister Yassin Jaber to delve into the details of the economic plan and the required reforms.