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Lebanese Central Bank plans $1 billion stimulus for 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 29/10/2014 (13:43)
According to local media reports, Lebanon’s Central Bank governor Riad Salameh said that they are planning a $1 billion dollar stimulus package in order to maintain the country’s growth and support the economy, which has been hit by a three-year conflict in neighboring Syria.

Salameh said that they are hopeful about this stimulus package, which follows $800 million in aid this year, as it will result in at least 2 percent economic growth as of next year. The Central Bank governor described Lebanon’s financial situation as solid. “Foreign reserves have reached a historic high of over $38 billion while gold reserves were at $13 billion,” he further clarified.

“The war in Syria caused a huge influx of refugees and a domestic political stalemate has hit Lebanon’s economy hard, prompting the Central Bank to introduce a $1.4 billion stimulus package in 2013 and $800 million in aid this year. The Central Bank will have another incentive program of $1 billion,” Salameh commented.

Lebanon’s economy grew 8 percent a year between 2007 and 2010 but has been relatively sluggish since the collapse of a unity government and the start of Syria’s uprising in 2011.
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