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Saudi Arabia and France will allocate 66 million euros for economic assistance to Lebanon

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Saudi Arabia and France have announced an additional 66m-euro economic assistance program for Lebanon, the Saudi news agency reported on Wednesday.

The King Salman Center for Humanitarian Aid and Humanitarian Operations, affiliated with the Saudi government, the French Foreign Ministry and the French Development Agency, have signed a memorandum of understanding that Riyadh will provide the Lebanese government with 36 million euros. The funds will be used to buy food and support the health care system, the agency said.

Paris, in turn, will allocate 30 million euros to Lebanon for the development of humanitarian projects, the French Embassy in Beirut said on its Twitter page.

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As of 2019, Lebanon is in a deep economic crisis, which is accompanied by a depreciation of the national currency and a shortage of food, fuel and medicine. At the same time, many countries are afraid to provide substantial assistance to Beirut, assessing negatively the domestic political situation that has developed in the country amid the economic crisis.

In early April, the Lebanese government and the International Monetary Fund (IMF) reached a pre-agreement on an economic reform program and a $ 4 billion four-year financing facility. Grants for all major items on the control of capital movements by Parliament and the introduction of a single exchange rate for the national currency.

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