Expanded Meeting at Grand Serail Launches ‘First Step’ of CEDRE Projects

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Prime Minister Saad Hariri chaired an expanded meeting at the Grand Serail in a first practical step towards launching the CEDRE Conference projects.

The meeting was held in the presence of Finance Minister Ali Hassan Khalil and representatives from the World Bank and the Arab and European funds.

Hariri’s adviser for Economic Affairs Nadim al-Munla told reporters after the meeting that “the financial institutions have confirmed commitment to the pledges made at CEDRE conference.”

Munla added that “the Finance Minister has affirmed the State’s commitment to complete the state budget as soon as possible.”

Lebanon's economy has looked on the brink of collapse for some time but a Paris conference dubbed CEDRE in April earned it $11 billion in aid pledges.

The amounts pledged in Paris were unexpectedly high and other conferences have also mustered support for Lebanon, whose economy has been in a downward spiral for years due to political divisions and corruption.

SourceNaharnet
Comments 2
Thumb galaxy 18 February 2019, 16:51

The corrupt ruling class are in a race against time to spend the $11 billion in loans.

Thumb s.o.s 18 February 2019, 19:54

30 ministers will get 80%, 10% for the PM, and the let 10% for Aoun.