Article

2021-06-08 Syria-Lebanon-Iran

Lebanon's President Approves Loan for Fuel to Generate Electricity

[ENGLISH.AAWSAT] Leb
Leb

...an Iranian colony situated on the eastern Mediterranean, conveniently adjacent to Israel. Formerly inhabited by hardy Phoenecian traders, its official language is now Arabic, with the usual unpleasant side effects. The Leb civil war, between 1975 and 1990, lasted a little over 145 years and produced 120,000 fatalities. The average length of a ceasefire was measured in seconds. The Lebs maintain a precarious sectarian balance among Shiites, Sunnis, and about a dozeen flavors of Christians. It is the home of Hezbollah, which periodically starts a war with the Zionist Entity, gets Beirut pounded to rubble, and then declares victory and has a parade. The Lebs have the curious habit of periodically murdering their heads of state or prime ministers, a practice dating back to the heady human sacrifice days of Baal Moloch...
's President Michel Aoun
...president of Leb, a wholly-owned subsidiary of Hizbullah...
approved an exceptional loan of up to 300 billion Lebanese pounds ($200 million) on Monday for the state electricity company to import fuel for generation before supplies run out, an official statement said.

Lebanon is mired in a financial crisis, caused by a mountain of debt built up since the end of the 1975-1990 civil war, leaving the country struggling to find enough foreign exchange to pay for fuel and other basic imports.

The president's approval of the loan followed a meeting last week between caretaker Prime Minister Hassan Diab and top economic policy makers to remove hurdles that had delayed disbursing the funds, the official statement said.

Parliament approved the loan in March but a committee then reviewed its legality.

The Lebanese have long learned to live with regular power cuts that run for a few hours a day in the capital and much longer in other areas because the state power plants cannot meet demand. Many people rely on private generators.

Lebanon usually keeps enough fuel for about two months or so, as it is too costly to hold strategic reserves for longer.

The economic meltdown has fueled unrest, locked depositors out of their bank accounts and hammered the currency, which has lost around 90% of its value against the dollar.

The exchange rate for the loan to buy fuel is calculated at the official rate of 1,500 pounds to the dollar, although the pound rate on the unofficial market has collapsed to about 13,000 to the dollar since the crisis erupted in late 2019.

Posted by Fred 2021-06-08 00:00|| || Front Page|| [18 views ] Top
File under: Hezbollah

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