Lebanon approves $200M loan for power generation
Lebanese Prime Minister-Designate Saad Hariri, speaks to journalists after his meeting with Lebanese President Michel Aoun, at the Presidential Palace in Baabda, east of Beirut, Lebanon. (AP Photo/Bilal Hussein)
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UPDATED 12:45 PM PT – Monday, March 29, 2021
The Lebanese Parliament approved a $200 million loan to purchase electricity after its energy ministry warned it was running out of cash. On Monday, the government announced it approved the loan to buy power following a warning the funds for electricity generation would be exhausted in April.
The loan will help power the country for up to two and a half months. This came after one of Lebanon’s four main electricity producers was shut down due to a lack of fuel.
Lebanon’s Fmr Energy Minister Cesar Abi Khalil attends the 18th International Oil Summit in Paris. / AFP PHOTO / ERIC PIERMONT (Photo credit should read ERIC PIERMONT/AFP via Getty Images)
“This means Lebanese make up for it with generators that run on diesel that’s 30% more expensive than the fuel that’s bought by the electricity company,” former Energy Minister Cesar Abi Khalil said. “And therefore the effect on foreign reserves money will be bigger when any of these plants are shut down.”
Lebanon was forced to turn to emergency funds as it has been facing its biggest financial crisis since the civil war.
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