Lebanon’s Central Bank says it needs $12-15 billion to kickstart recovery

Lebanon needs to receive 12 to 15 billion dollars from its partners to kickstart its economic recovery and shore up fast-diminishing foreign currency reserves, says Central Bank Governor Riad Salameh.

Lebanon is grappling with an unprecedented economic crisis branded by the World Bank as one of the planet’s worst in modern times. More than 80% of the population lives in poverty and the currency has lost more than 90% of its black market value amid political squabbling that has delayed an agreement with the International Monetary Fund.

“Our quota in the International Monetary Fund is $4 billion,” Salameh says in an AFP interview. “If countries add to it, we could reach $12 to $15 billion, an amount that could help start Lebanon’s recovery and restore confidence,” he says.

Lebanon defaulted on its debt for the first time last year but political leaders have continued to resist key reforms demanded by donors to unlock necessary funds.