Lebanon kicked off formal debt restructuring talks on Friday with a pledge to implement an economic turnaround plan by year-end, but officials painted a glum picture of rapidly dwindling reserves and soaring inflation ahead.

“This government has a full agenda over the coming months to design and implement its comprehensive recovery plan, and conduct its public debt restructuring,” Finance Minister Ghazi Wazni said in a webcast presentation.

“Our aim is to finalize this ambitious turnaround agenda before year-end 2020.”

Lebanon, one of the most indebted countries in the world, suspended payments on all $31.3 billion of its international ‘eurobonds’ this month, declaring that it could no longer repay them.

Government officials also said they were aiming for a fair and equitable treatment of creditors.