No global financial support for Lebanon until government in place - French presidency

FILE PHOTO: French President Emmanuel Macron visits the devastated site of the explosion at the port of Beirut, Lebanon August 6, 2020. Thibault Camus/Pool via REUTERS/File Photo

PARIS (Reuters) - France's presidency said on Wednesday that there would be no international financial support for Lebanon until there was a government in place and warned that an audit of the central bank was more urgent than ever.

A financial meltdown has crashed Lebanon's currency, paralyzed banks, sent inflation soaring and increased poverty. Suggestions of a looming end to subsidies have triggered panic buying.

"To borrow or lend money you need trust and trust isn't there," a French presidential official said ahead of a video conference to assess the humanitarian situation.

"We will stay like this as long as there is no credible government in place."

The official said that no measures for a proposed French roadmap to help the country had been implemented.

"The information we have is that the situation is getting worse and heading towards worse problems and that makes it even more necessary for a real audit (of the central bank)," the official said.

He said world powers would continue to apply political pressure on Lebanese politicians, but gave no indication on how this pressure could manifest itself other than questioning the efficiency of recent U.S. sanctions that have targeted allies of Iranian-backed Hezbollah.

"They (U.S. sanctions) have changed nothing on the ground. We need to continue to apply a public political pressure campaign, while supporting the population," the official said.

(Reporting by John Irish; Editing by Sudip Kar-Gupta and Nick Macfie)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In World

Austria to extend third COVID-19 lockdown to Feb 8 - APA
U.S. state capitals gird for pro-Trump armed protests, FBI flags risk of violence
Man beats up girlfriend following horoscope reading that claimed they’re not compatible
In Tokyo's lockdown, some drink on even after authorities call time
Kremlin critic Alexei Navalny due to fly back to Russia despite arrest threat
Quake death toll at 73 as Indonesia struggles with string of disasters
Small coronavirus cluster emerges in Sydney suburb
Reeling again from COVID-19, Amazonas gets respirators, oxygen from Brazil Air Force and Venezuela
Ecuador hits new daily record of 3,942 cases of COVID-19
France says Iran is building nuclear weapons capacity, urgent to revive 2015 deal

Stories You'll Enjoy