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Economy

Lebanese delegation requested Saudi aid, says former premier

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Fouad Siniora, Najib Mikati and Tammam Salam met with King Salman bin Abdulaziz Al Saud and proposed ways the Kingdom could help.

Wednesday 17, July 2019

A delegation of three former Lebanese premiers asked Saudi Arabia for financial assistance to help shore up their country’s deteriorating finances ahead of a probable shift toward austerity, reported Bloomberg.

Tammam Salam, a Member of the Lebanese Parliament, said, “We brought up the financial issue and that Saudi used to place deposits and invest in treasury bills in the past, we said this would seriously contribute to fortifying Lebanon financially.”

Saudi Arabia began mending ties with Lebanon earlier this year when it lifted a travel advisory imposed in 2013 and dispatched a team of officials from the Shura Council to Beirut.

The Kingdom last year renewed a $1 billion credit line to Lebanon.

Lebanon has pledged to reduce its budget deficit, fight corruption and overhaul its loss-making state-owned utility company to unlock $11 billion in loans and grants offered at an investor summit last year.

Parliament is discussing the much-delayed 2019 budget in hopes of showing the international community that it’s serious about reforms.

TAGS : Tammam Salam, Lebanese Parliament, Najib Mikati , Fouad Siniora, Saudi Aid, 2019 budget, King Salman bin Abdulaziz Al Saud

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