Lebanon needs $ 12 billion to $ 15 billion, says Central Bank governor

The governor of the Central Bank of Lebanon Riad Salamé, during his interview with Agence France-Presse, December 20, 2021. AFP - JOSEPH EID

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The governor of the Banque du Liban, Riad Salamé, sounded the alarm on Tuesday, saying in a statement to Agence France-Presse that the central bank's reserves continued to melt.

He estimated that between $ 12 billion and $ 15 billion was needed to revive the economy.

A sum that Lebanon no longer has.

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With our correspondent in Beirut, 

In four months, the hard currency reserves of the Banque du Liban increased from 14 billion to 12.5 billion dollars (from 12.4 to 11.1 billion euros approximately).

The bleeding continues and nothing seems to be able to stop it.

The money spent is not replenished by a fresh contribution in foreign currency and the prospect of international aid seems remote.

► Also to listen: Lebanon: how do you live in a country in crisis?

Negotiations with the International Monetary Fund (IMF) continue between delegations of experts and officials of the financial institution and Lebanon.

Major decisions can only be taken by the government, but it has not met for more than two months because of deep political differences over the investigation into the explosion in the port of Beirut.

Deep in crisis

Yet, according to the opinion of most experts, only massive international aid is likely to get the country out of the crisis.

Riad Salamé estimates the country's needs between 12 and 15 billion dollars.

Lebanon's quota in the IMF is $ 4 billion, but the governor of the Central Bank remains hopeful that other countries or financial institutions could contribute to raise the necessary sum.

Meanwhile, the crisis continues to destroy, one by one, parts of the economy and the last social safety nets, sweeping away what still remained of the middle class.

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• Lebanon

• Finance

• IMF