Finance Minister Yassine Jaber (left) and Governor of the Banque du Liban (BDL) Karim Souaid (right). (Credit: Archive photo provided by the Ministry of Finance).
The joint commission formed in early November by the Finance Ministry and Banque du Liban (BDL, central bank) has yet to resolve the contentious question of the $16.5 billion the BDL says it lent to the state. BDL continues to demand repayment to "cover its deficit, absorb its losses and regain the necessary level of solvency" so it can, it says, contribute to the repayment of deposits.According to information obtained by L'Orient-Le Jour, the draft agreement the commission reached last week does not include a clear and definitive acknowledgment by the Finance Ministry of this amount. The initial recommendations are limited to stating that the state — as part of its obligations to recapitalize BDL and partially support its liquidity — must apply Article 113 of the Code of Money and Credit. The article specifies that the BDL...
The joint commission formed in early November by the Finance Ministry and Banque du Liban (BDL, central bank) has yet to resolve the contentious question of the $16.5 billion the BDL says it lent to the state. BDL continues to demand repayment to "cover its deficit, absorb its losses and regain the necessary level of solvency" so it can, it says, contribute to the repayment of deposits.According to information obtained by L'Orient-Le Jour, the draft agreement the commission reached last week does not include a clear and definitive acknowledgment by the Finance Ministry of this amount. The initial recommendations are limited to stating that the state — as part of its obligations to recapitalize BDL and partially support its liquidity — must apply Article 113 of the Code of Money and Credit. The article specifies that the...
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