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Tuesday, 29 September 2020

Lebanon's financial capacity 'very limited', economy minister says after blast

Reuters , Thursday 6 Aug 2020
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The Lebanese state and central bank have "very limited" financial capacity to confront the impact of the port warehouse explosion that devastated Beirut without foreign aid, its economy minister said on Thursday.

"The capacity of the state is very limited, and so is that of the central bank and the banks. We're not swimming in dollars," Raoul Nehme said in TV comments to Sky News Arabia.

He said many countries were rushing to help and damages were in the billions of dollars.

He said working with the International Monetary Fund was the only way out for Lebanon, which was already wrestling with a dollar crunch and financial meltdown before Tuesday's blast. 

 

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