Beirut: Lebanon’s government plans to issue a $450 million Eurobond by the end of this year to meet the country’s funding needs, the country’s finance minister told said.
Ali Hassan Khalil said the government also planned to sell a further $4.4 billion in Eurobonds over the next three years and hoped to get legislative approval for this by early November.
“We have sent a draft law to the parliament to approve the issuance of $4.4 billion of Eurobonds. We are hoping to get the approval by next month,” Khalil said in an interview.
“The issues would cover the needs of Lebanon for the years of 2015, 2016, 2017 which are equal to $4.4 billion. The approval will be for this amount but it will not be issued all at once.”
Khalil described the request as “normal legislative” procedure to allow the ministry to go to the market when there is a need. Lebanon’s parliament is expected to meet in November.
“As for this year we will issue around $450 million by the end of the year to finance the needs of the country,” he said.
Lebanon’s economy grew rapidly until 2011, when political bickering toppled the government of Sunni leader Saad al-Hariri and war in neighbouring Syria slowed down the economy.
