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Lebanon to receive $1.135 billion in SDRs from IMF

Reuters

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Lebanon to receive $1.135 billion in SDRs from IMF

COUNTRY IN CRISIS. A woman walks near murals depicting Lebanese youth with suitcases, in Beirut, Lebanon, September 2, 2021.

Mohamed Azakir/Reuters

The new International Monetary Fund allocation will bring much-needed funds to Lebanon, which is in the throes of a deep financial crisis

Lebanon’s finance ministry said on Monday, September 13, the central bank would receive $1.135 billion on Thursday, September 16, in International Monetary Fund (IMF) Special Drawing Rights (SDRs), much-needed funds as the country struggles with one of the deepest depressions in modern history.

The new allocation of the IMF’s reserve currency is comprised of $860 million from 2021 and $275 million from 2009, a statement by the ministry said.

Lebanon is in the throes of a deep financial crisis that has propelled three quarters of its population into poverty. Its central bank has all but run down its reserves.

The depletion of foreign currency has translated into worsening shortages of basic goods such as fuel and medication in the past couple of months.

After a year of political deadlock, Lebanese leaders finally agreed a new government on Friday, September 10, opening the way to a resumption of talks with the IMF. – Rappler.com

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