Lebanon to receive timely $1.13b boost from IMF
Lebanon will use in Special Drawing Rights from IMF to give ailing economy some lift
Beirut: Lebanon’s finance ministry confirmed the central bank would receive $1.135 billion on September 16. The funds will be transferred under IMF’s Special Drawing Rights (SDRs), much needed funds as the country struggles with one of the deepest depressions in modern history.
The new allocation of the IMF’s reserve currency is comprised of $860 million from 2021 and $275 million from 2009, a statement by the ministry said. Lebanon is in a deep financial crisis that has propelled three quarters of its population into poverty. Its central bank has all but run down its reserves.
The depletion of foreign currency has translated into worsening shortages of basic goods such as fuel and medication in the past couple of months. After a year of political deadlock, Lebanese leaders finally agreed a new government on Friday opening the way to a resumption of talks with the IMF.