France To Support Economic Reforms In Lebanon

Forex News

French government declared it would give aid to Lebanon of 672 million dollars (550 million euros) in order to support the economic reforms. Lebanon is currently suffering from the war in Syria and support of a powerful country like France, is just what it needs. This was announced at the Paris conference, that includes fifty 50 countries and organizations, such as Saudi Arabia, United States, Russia and Qatar. Jean-Yves Le Drian said: "France will announce a substantial effort of 400 million euros in concessionary loans and 150 million euros in donations to match its ambitions for Lebanon".

Lebanon has a substantially high levels of state debt. Its government is hoping to guarantee support for the first phase of the capital investment plan, that includes roads, power generation capacity and public transport, and costs 10 billion dollars. Saad al-Hariri (Lebanon's Prime Minister) stated: "We are a little country facing enormous political, economic and security challenges and these challenges are exacerbated by the war in Syria and the crisis of displaced Syrians in Lebanon. Lebanon's recovery must start... the challenge today is to reverse the (negative) trend in terms of growth, poverty and unemployment and the government must play the main role."