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The Lebanese Ministry of Finance will shortly be issuing a $1bn Eurobond to replace maturing debt and meet some of the government’s fiscal needs – estimated at upwards of $4bn for 2015 by local analysts. Last October the Lebanese parliament authorized the government to borrow up to $2.5bn in Eurobonds this year, though lead managers and terms for the issue are yet to be announced.
The Chairman of Byblos Bank and President of the Association of Bank in Lebanon Francois Bassil said that he expects the issue to be well received by Lebanese and foreign banks, although it would not by itself be sufficient to solve public finance problems in Lebanon. The Lebanese government also needs to trim spending, improve public sector performance and encourage investment by the private sector in some of the country’s crucial infrastructure projects. (CONTINUED - 289 WORDS)