Lebanon's latest economic update
According to Mr. Riyad Salameh, governor of the Central Bank, the economic growth would be null this year. He estimates that recovery elements do exist but await political decision.
Public debt (July) : internal LBP 23,670 billion (+15.5 percent over 1 year), external USD 5.8 billion (+23 percent), total USD 21.6 percent billion (+17 percent).
S&P downgrades the risk of long term debt ratio from BB- to B+. The grounds of this decision are the level of external debt amounts to 140 percent of GDP, one of the highest ratio in the world and the government refusal of the proposed $2.7 billion by Libancell & Cellis against licenses.
The Conference of the Donors Countries that was expected in October has been postponed to a later date until the advent of the new government.
In August, the balance of payments registered a surplus of $70 million —bringing the total surplus for the eight first months of the year to $26 million. It is the first total surplus balance this year.
BDL gross reserves in foreign currencies: USD 6,687 million, (-$8 million between the 1st & the 15th of September)
The European Union will finance a new information and technology center within the Ministry of Economy that will cost $153,000. The objective is to encourage the development of Lebanon’s new economy.
The Federation of the Arab stock exchanges finalized the transfer of its head office from Cairo to Beirut. — ( Banque Libano-Française Sal )