Bank loan

Lebanon only has one month to start implementing World Bank loan

The Minister of Economy and Trade of the interim government, Amin Salam, participated in the session of the Finance and Budget Committee in Nejmeh Square.

During the session, he noted that he had had a review session with the Committee regarding the World Bank emergency loan for wheat supply, the implementation of which has been delayed.

There have been some Committee reviews on the related payment mechanism for the implementation of the loan involving the Ministry of Finance, Banque du Liban and the Ministry of Economy.

The final implementation framework has been set in accordance with the approved draft law.

Salam said, “The most important thing is that we secured Lebanon for nearly nine months of wheat and preserved the price of a bundle of bread. This is for me the most important thing, and the rest is just details.

He also clarified that they will have a period of three weeks to a month maximum from today to really start and discuss the implementation of the entire loan from the World Bank.

“There is a discussion, with the delay in the implementation of this loan, of new support for the social safety net and food security so that we do not continue to adopt and implement old policies of support that got us through all the challenges we faced,” he said.

This means that the Lebanese government will no longer subsidize raw materials.

There will be direct citizen support programs when the World Bank loan rolls out, and with wheat prices falling, the nine months could stretch to longer.

Related: The World Bank has approved a loan of 150 million dollars for food security in Lebanon.