Lebanon Businessnews News

Lagarde in Beirut
Lagarde: "France extends a $323 million loan to the government one year"
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Lagarde's remarks came Friday at a conference held in Beirut along with Minister of Finance Rayya Haffar Hassan at the Bassel Fuleihan Center.

Hassan said that the government is committed to the Paris 3 reform program which states the need to privatize the telecom sector.

Hassan said that “the absence of reforms would hurt the economy.”

France pledged $717 million in aid at the Paris conference, but has provided the government with $394 million out of the total credit lines up until now. The $323 million represents the remaining sum.

The French government suspended extending the credit line agreement last year due to the political instability that hampered the country.

The loan will be allocated to support the Lebanese treasury. However, the approval of the conditional loan is still pending awaiting implementation of the reforms in the mobile and electricity sectors.

Lagarde headed a delegation of French businessmen and investors. During her visit, she met President Michel Suleiman, Prime Minister Saad Hariri, and Minister of Economy, Mohammad Safadi.

Date Posted: Dec 21, 2009
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