Lebanon gets $1 billion from the International Monetary Fund

September 13, 2021 by archyde

The Lebanese Ministry of Finance announced that it will receive one billion and 135 million dollars from the International Monetary Fund next Thursday.
The Ministry of Finance said, in a press statement reported by the “National News Agency” today, Monday, that it “was informed by the International Monetary Fund that Lebanon will receive, next Thursday, about one billion and 135 million US dollars in exchange for Special Drawing Rights (SDR), for the year 2021, with a value of 860 million dollars. And for the year 2009, the value of which is 275 million dollars, to be deposited in the account of the Banque du Liban.
The Ministry of Finance had asked the International Monetary Fund to transfer the special drawing rights available to Lebanon, especially those belonging to the year 2009.
It is noteworthy that Lebanon has witnessed, since November of 2019, a financial and economic crisis that places it among the 10 worst global crises, and perhaps one of the three most severe crises since the mid-nineteenth century, according to the World Bank’s warning last June.

In a related context, the new Lebanese government that was formed after 13 months of vacuum headed by Najib Mikati, will hold its first meeting on Monday, while difficult tasks await it amid an unprecedented economic crisis that has continued in the country for two years.
The session will be held at 11:00 (8:00 GMT) at the presidential palace in Baabda, in the presence of President Michel Aoun.
Mikati and Aoun, according to the National News Agency, will deliver a speech at the beginning of the session, before the government agrees to form a committee tasked with drafting the ministerial statement, which will be presented later to Parliament during the voting session to give confidence to the new government.
The birth of the government on Friday came 13 months after the resignation of Hassan Diab’s government following the horrific explosion of the port of Beirut on August 4, 2020. Two previous attempts to form it failed due to sharp differences between the political parties.

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Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my