Lebanon's central bank said on Monday, May 14, it will pay $100 million to lay off 1,200 workers from Middle East Airline and give 250 other employees early retirement packages.
Riad Salamah, governor of Banque du Liban, said the bank was negotiating with international institutions to obtain a 10-year soft loan to cover the cost of cutting MEA's 4,500 workforce ahead of promised privatization by the government.
The government forced the central bank to acquire the loss-making carrier in 1996. — (Reuters, Beirut)
© Reuters 2001
© 2001 Mena Report (www.menareport.com)