Saudi Arabia Pledges 'Full Support' for Lebanon Economy

Saudi Arabian Finance Minister, Mohammed al-Jadaan, said his country is prepared to do everything in its power to support Lebanon’s struggling economy, CNBC news reported on Wednesday.

In remarks he made at the World Economic Forum in Davos on Tuesday, he said: “We are interested to see stability in Lebanon, and we will support it all the way.”

“We are also determined to making sure that we play the role of a catalyst of stability in the region,” he added.

Jadaan’s comments came one day after Qatar announced that it will invest $500 million in Lebanese government bonds to support the Mediterranean country's struggling economy.

Lebanon's economy has been struggling from massive debt, little growth and high unemployment.

Earlier this month, Lebanon's Finance Minister Ali Hassan Khalil was quoted by a local newspaper as saying that the country may restructure its debt, leading to sell-off in Lebanese bonds.

He later clarified that Lebanon is committed to paying back all maturing debt.