Arab Press

بالشعب و للشعب
Saturday, May 31, 2025

Lebanon needs up to $15bn to rise from economic collapse

Lebanon needs up to $15bn to rise from economic collapse

Lebanon needs 12-15 billion dollars in loans from its partners to restart its economy, says the governor of the country's Central Bank. Howerver many blame Riad Salameh's policies for Lebanon's economic crisis, which has pushed swathes of people into poverty.

Salameh said Tuesday in an interview with AFP that the International Monetary Fund’s quota for Lebanon was four billion euros.

"If countries add to it, we could reach 12 to 15 billion dollars, an amount that could help start Lebanon's recovery and restore confidence," he said.

Lebanon's financial collapse in 2019 has left more than 80 percent of the population living in poverty, and the currency, the Lebanese pound, has lost more than 90 percent of its value.

Officially pegged at 1,507 to the dollar since 1997, the Lebanese pound sold for nearly 30,000 to the dollar on the black market earlier this month, a record low.

Political squabbling has delayed an agreement with the IMF that would start to resolve the crisis, and political leaders have continued to resist key reforms demanded by donors to unlock necessary funds after it defaulted on its debt for the first time last year.

France has spearheaded international efforts to help Lebanon raise international aid, particularly from wealthy Arab powers.

Central bank to blame?


Salameh has dismissed criticism blaming him and central bank policies for the economic crash, saying "had it not been for the central bank and its reserves, Lebanon would not have been able to carry on".

The central bank's mandatory dollar reserves have been slashed by more than half, and its fast-diminishing reserves are threatening a subsidy programme that covered fuel, medicine, flour and other key imports.

According to Salameh the central bank can afford to finance partial subsidies on a few remaining imports for "around six to nine months," if no additional measures are taken to combat the depreciation of the Lebanese pound.

Salameh is facing judicial investigations in France, Switzerland and other European countries on suspicion of money laundering and illicit enrichment among other charges.

He dismissed the cases against him as unfounded and lacking in evidence, claiming they were opened based on complaints filed by Lebanese citizens "for reasons that could be political... or tied to certain interests."

"I am ready to cooperate with all investigations," he said, claiming they were based on "fabricated evidence".

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Netanyahu Accuses Starmer of Siding with Hamas
Calls Grow to Resume Syrian Asylum Claims in UK
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Denmark Increases Retirement Age to 70, Setting a European Precedent
Iranian Director Jafar Panahi Wins Palme d'Or at Cannes
Israeli Airstrike Kills Nine Children of Gaza Doctor
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
Mount Lewotobi Laki-Laki Erupts Again, Spewing Ash Cloud over Flores Island
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
Senate Democrats Move to Censure Trump Over Qatar Jet Gift
Hamas Releases Last Living US Hostage from Gaza Amid Ongoing Conflict
×