Lebanese authorities are preparing to establish technology parks dedicated to the production of high-tech goods for export, a move aimed at stimulating economic growth, according to Information Technologies and AI Minister Kamal Shehadeh.

"Special attention is paid to the law on the creation of special zones for export-oriented high-tech productions. These zones will enjoy tax benefits and will be able to create thousands of new workplaces in the coming years," Shehadeh told RIA Novosti.

The initiative involves laying the groundwork for export-focused industrial zones, with a supportive legal framework currently under development. Authorities are actively seeking partnerships with private sector entities to support the project.

Government to support AI investment, digitalization

Minister Shehadeh also announced that the government has started forming the legal and operational foundation for investment in artificial intelligence. The newly established ministry will lead the development and deployment of AI technologies across state services, contributing to the broader digital transformation of the economy.

According to Shehadeh, the government is placing its trust in partnerships with private industry and academic institutions to drive innovation and ensure successful implementation.

The technology parks, alongside the AI strategy, are expected to position Lebanon as a competitive player in the regional tech sector and create significant employment opportunities in the years to come.

Lebanon aims for initial IMF agreement within months

Lebanon may secure a staff-level agreement with the International Monetary Fund (IMF) within months, according to Economy Minister Amer Bisat, Bloomberg reported. The report detailed that the agreement would mark a significant step toward securing financial assistance for the country, which has been grappling with a prolonged economic crisis.

Bisat, formerly an emerging markets manager at BlackRock Inc., stated that Lebanon is set to hold an introductory meeting with holders of the country's defaulted bonds on April 25 in Washington. He stressed that discussions with the IMF have been "very detailed and very fruitful," suggesting that late summer would be a "reasonable target" for finalizing a staff-level agreement.

Lebanon defaulted on about $30 billion of international bonds in 2020, and its economy deteriorated.

The Israeli war on Lebanon further devastated the nation, particularly the South, resulting in an estimated $14 billion in losses and damage, according to the World Bank.

While it is still too early to determine the size or timeline of a potential IMF loan, according to Bloomberg, the staff-level agreement would initiate formal negotiations over a funding package aimed at stabilizing Lebanon’s economy.