The Lebanese Parliament meets on Oct. 18, 2022 in Beirut. (Credit: Hassan Ibrahim/Lebanese Parliament)
BEIRUT — Lebanese MPs passed on Tuesday the law instituting a World Bank loan of $150 million to Lebanon to finance wheat imports, to be spent over nine months to help ensure the country's food security.
The loan was offered by the World Bank in early May after the war in Ukraine disrupted global supply chains and halted grain exports leading to wheat shortages in Lebanon.
Although Ukraine resumed grain exports this summer, following an international agreement, the loan was approved by the Council of Ministers just before Lebanon's parliamentary elections on May 15.
The loan was endorsed by Parliament two months later, but amendments required by the World Bank regarding certain implementation modalities had to be approved by the Finance and Budget Committee, which was done in early August.
"The committee wanted clarification on the coordination mechanism with the World Bank and on the payment method, which has since been clarified by the Economy Ministry," caretaker Economy Minister Amin Salam told L'Orient-Le Jour at the time. "Lebanon will repay the WB through the Bank of Lebanon over a period of 18 years."