Lebanon to receive $1.135bn in SDRs from IMF

13 September 2021 - 13:35 By Reuters
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A child shares breakfast with his colleagues who are using burger buns in addition of traditional bread due to a recent closure of bakeries due to fuel shortages, at a petrol station in Beirut, Lebanon, on August 14, 2021.
A child shares breakfast with his colleagues who are using burger buns in addition of traditional bread due to a recent closure of bakeries due to fuel shortages, at a petrol station in Beirut, Lebanon, on August 14, 2021.
Image: Sam Tarling/Getty Images/ file photo

Lebanon's finance ministry said on Monday the central bank would receive $1.135 billion on September 16 in International Monetary Fund Special Drawing Rights (SDRs), much needed funds as the country struggles with one of the deepest depressions in modern history.

The new allocation of the IMF's reserve currency is comprises $860 million from 2021 and $275 million from 2009, a statement by the ministry said.

Lebanon is in the throes of a deep financial crisis that has propelled three quarters of its population into poverty. Its central bank has all but run down its reserves.

The depletion of foreign currency has translated into worsening shortages of basic goods such as fuel and medication in the past couple of months.

After a year of political deadlock, Lebanese leaders finally agreed a new government on Friday opening the way to a resumption of talks with the IMF. 

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