Qatar announces a plan to bolster the Lebanese economy by injecting $500m into it
A day after HH The Amir Sheikh Tamim bin Hamad Al Thani left Beirut after attending the Arab Economic and Social Development Summit, Qatar has announced it will invest $500m into the ailing Lebanese economy.
Qatar’s Deputy Prime Minister and Minister of Foreign Affairs HE Sheikh Mohamed bin Abdulrahman Al Thani confirmed the country would invest the amount in the Lebanese government’s US dollar bonds to support the country’s economy, reported Al Jazeera.
The investment decision was made after HH The Amir met with Lebanese President Michel Aoun in Beirut on Sunday.
Lebanon has the world’s third highest public debt compared with the gross domestic product (GDP) and stagnant growth.
Sheikh Mohamed said the move would further strengthen the Lebanese economy. He said that Qatar has always been committed to supporting Lebanese people in light of the significant challenges they face.
“We wish stability and prosperity for the Lebanese Republic and the Lebanese people, and that the Lebanese economy will recover. The region needs a strong and prosperous Lebanon,” Sheikh Mohamed was quoted as saying by Gulf Times.
Qatar’s decision stems from the profound fraternal ties between the two brotherly countries, stressing the nation’s firm commitment to the Arab brothers, no matter how the circumstances change.
Comments from the Lebanese finance minister ten days ago about his nation’s public debt had triggered concerns it might be restructured, leading to a sell-off in the country’s dollar-denominated sovereign bonds.
