Lebanon’s embattled government finally got some rare good news this week, with President Michel Aoun approving a delayed “exceptional loan” of $200mn from the central bank (Banque du Liban: BdL) to secure two-months’ worth of fuel for the country’s national electricity company Électricité du Liban (EdL). EdL had warned that without the funds to purchase new fuel imports it would shortly run out of supplies.
The approval followed a meeting with caretaker Prime Minister Hassan Diab to “remove hurdles that had delayed disbursement” according to an official statement. First approved by Parliament in March, the loan went through scrutiny and ensuing delays at the Constitutional Court (MEES, 14 May). (CONTINUED - 895 WORDS)