(MENAFN) According to Finance Minister Ghazi Wazni, Lebanon is planning to secure USD4 billion to USD5 billion in soft loans from global donors to finance purchases of wheat, fuel and medicines.
On Tuesday, Lebanon created a new cabinet which it hopes can restore confidence and secure urgently needed funding from international donors in the middle of a huge financial crisis.
As said by Wazni, "we will ask the international donors to provide Lebanon with USD4 billion to USD5 billion in soft loans to finance the purchasing of wheat, fuel oil and pharmaceuticals", "this injection will cover the country's needs for one year and will also help reduce the run on the USD."
The dollar shortage driven banks to impose controls on withdrawals and transfers hit the Lebanese pound and increased inflation.
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