BEIRUT- The Lebanese banks' association welcomed on Friday the signing of a staff-level agreement by the government and the International Monetary Fund that should pave the way for a financial rescue package in return for a set of reforms.

The association said in a statement that it expects the restructuring plan to include "a fair allocation" of losses incurred by the banking sector on the government and the central bank, with the aim to maximize depositors’ recovery.

(Reporting by Timour Azhari, writing by Maher Chmaytelli, editing by Andrew Heavens)