U.S. Provides $50 Million to Support Lebanese Government”s Economic Reforms
Lebanon and the United States signed on Wednesday an amendment to an existing grant agreement covering the disbursement of $50 million in support of Lebanon”s economic reforms, the U.S. embassy said in a press release.
The agreement is part of a $250 million pledge from the U.S. to support the Lebanese government as it pursues its reform priorities.
Ambassador Michele Sison, USAID/Lebanon Mission Director Denise Herbol and Finance Minister Mohammad Shatah participated in the ceremony to sign the amendment.
"In recognition of the ministry of finance”s recent efforts to improve Lebanon”s fiscal position and set the stage for strong economic growth, the United States will pay $50 million of Lebanon”s sovereign debt on behalf of the ministry," the embassy statement said.
"With this payment, the U.S. government will have disbursed $175 million since 2007 in response to the Lebanese government”s progress on economic reforms," it added.
"I am proud to be here with Finance Minister Shatah, whose outstanding efforts to steer the Lebanese economy on the right course have led us to the signing of this agreement amendment, allowing the disbursement of $50 million in U.S. funding to pay Lebanese external debt," Sison said during the ceremony.