By IANS
Abu Dhabi : The Arab Monetary Fund (AMF) will extend to Lebanon two loans worth $75 million to aid financial reforms in the strife-torn country, WAM news agency reported Thursday.
The two agreements were signed separately between the AMF and Lebanon’s central bank and the ministry of finance Wednesday.
A press release of the Abu Dhabi-based Arab fund issued Thursday said the first loan of $43 million was offered to the Central Bank of Lebanon to boost its programme on risk management in the banking and financial sector and upgrade the accounting system to international practices.
The second loan worth $32 million to the Lebanese ministry of finance will be used to tackle public debt and reform budgeting system and finances management.
With the latest funding, AMF has extended credit totalling $126 million to Lebanon through five loans.
The Arab Trade Financing Programme, the funding arm of the AMF, has also offered credit facilities to Lebanon’s trade sector to the tune of $975 million.