France discusses curtailment of CEDRE funds to Lebanon with IMF, World Bank

Source: Xinhua| 2019-10-11 18:23:03|Editor: Li Xia
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BEIRUT, Oct. 11 (Xinhua) -- French authorities are discussing the curtailment of CEDRE funds to Lebanon from 11 billion U.S. dollars to 7 billion U.S. dollars with the International Monetary Fund and the World Bank, Al Joumhouria newspaper reported Friday.

Ammar Houri, advisor to Prime Minister Saad Hariri, said that such a measure has been discussed in the framework of an analysis for the current situation in Lebanon.

Houri emphasized that Lebanon needs to adopt the necessary reform measures pledged at CEDRE conference before asking the international community to fulfill its full promises.

Lebanon has pledged during CEDRE conference last year to adopt certain reform measures in a bid to unlock 11 billion U.S. dollars in loans and donations to support its ailing economy.

However, the government has been incapable of taking serious measures so far which prompts various analysts and officials to express their fear about the fate of CEDRE.

While the government approved the 2019 state budget after 37 cabinet and parliamentary meetings, the cabinet is currently discussing the 2020 state budget with a great possibility of a delay in approving it within the required time limit.