World Bank’s $246 Million Loan for Needy Families to Be Paid in Fresh Dollars

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World Bank’s $246 Million Loan for Needy Families to Be Paid in Fresh Dollars

The government and the Central Bank agreed in principle to disburse the World Bank’s $246 million cash assistance to poor families in fresh US dollars instead of Lebanese pounds.

This information was disclosed in a letter by officials from the Wold Bank, European Union and United Nations to caretaker Finance Minister Ghazi Wazni.

In this letter, the officials said that following a meeting with Wazni and Central Bank governor Riad Salameh on Feb. 22 , a verbal agreement was reached to facilitate the disbursement of humanitarian and development assistance in hard currency as long as the current suboptimal multiple exchange rate situation persists and for countries who want to do so.

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Source: The Daily Star