Lebanon banks association says it doesn't oppose IMF deal

The Lebanese banks association ABL said on Wednesday it does not oppose an April draft deal between the government and the IMF, and sees an agreement with the fund as one of the main ways to exit Lebanon's financial crisis.

At the same time, the ABL said that financial sector losses estimated at some $70 billion must be distributed in a way so that they do not fall solely on banks and depositors.

The statement followed Reuters reports on an ABL letter to the IMF in which the banking group said the conditions of the draft deal were "unlawful" and "unconstitutional".