Lebanon to receive $1.135 billion from IMF amid crisis

Lebanon to receive $1.135 billion from IMF on Thursday amid economic crisis
1 min read
13 September, 2021
The desperately needed IMF funds come as an economic crisis has plunged three quarters of the Lebanese population into poverty.
Lebanon's central bank will receive over $1 billion in IMF reserve currency [Getty]

Lebanon's finance ministry said on Monday the central bank would receive $1.135 billion on 16 September in International Monetary Fund (IMF) Special Drawing Rights (SDRs), much needed funds as the country struggles with one of the deepest depressions in modern history.

SDRs are the IMF's reserve currency and this new allocation is comprised of $860 million from 2021 and $275 million from 2009, a statement by the ministry said.

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Lebanon is in the throes of a deep financial crisis that has propelled three quarters of its population into poverty. Its central bank has all but run down its reserves.

The depletion of foreign currency has translated into worsening shortages of basic goods such as fuel and medication in the past couple of months.

After a year of political deadlock, Lebanese leaders finally agreed a new government on Friday opening the way to a resumption of talks with the IMF.