BEIRUT: Lebanon is seeking to refinance in November around $2 billion of debt maturing next year, banking sources said on Thursday.

They said invitations were sent to banks last week.

"The finance ministry has contacted the banks to make offers for refinancing Eurobonds," one of the sources told Reuters.

Another source said that Lebanon hopes to "go to the market" in November to refinance Eurobonds.

"Lebanon wants to refinance in November $2 billion that will mature in 2012 and has already asked the banks to send offers. Local and international banks," he said.

Lebanon remains one of the most highly-indebted countries in the world relative to the size of its economy, with debt-to-GDP at 135 percent in 2011.

Finance Minister Mohammed Safadi said on Thursday the country's public debt is expected to climb to $60 billion by the end of 2011, compared with $52.6 billion at the end of June.

Analysts warn that if the government does not act to cut spending and boost revenues, it will reach $65 billion in the next three to five years.

Lebanon refinanced a $1.2 billion two-tranche Eurobond in July with one issue of $500 million of bonds maturing in 2016 and $700 million of bonds maturing in 2022.

In May, it refinanced $1 billion in Eurobonds with one issue of $650 million maturing in 2019 at a yield of 6 percent and a second of $350 million maturing in 2022 at 6.475 percent.