Some 30 countries, establishments in Paris 2 conference to support Lebanese economy
Lebanon-Regional, Politics, 11/15/2002

The French President Jacques Chirac has extended invitations to some 30 countries and establishments to take part in the "Paris 2" conference which will be held in Paris on November 23 with the aim of supporting financial and economic reforms efforts in Lebanon.

Among countries taking part in the conference are: Saudi Arabia, Bahrain, the United Arab Emirates, Kuwait, Japan, Belgium; Spain and Denmark, in addition to the European Commission, the World Bank, the European Investment Bank EIB, the Arab Monetary Fund, the Saudi Bank for Development, the Kuwaiti Fund for Arab development and the Arab Fund for social and economic development.

The director of the Middle East department at the International Monetary Fund IMF George Tawfiq al-Abed is preparing a report on Lebanon within days in order to debate it to members of the conference.

Lebanon pins hope greatly on that report, on the ground of the role that can be played by the IMF in providing confidence and insurance for the donor sides.

The governor of the central bank of Lebanon, Riyadh Salamah, expected a response by the international establishments with the Lebanese demands to this conference. He explained that Lebanon will benefit from the conference through two principals: the first is to provide guarantees for borrowing from the markets of the insuring states and the second is providing special assets to the Lebanese Bank at low interests.

The report indicated that these measures will be conducive to reducing interest rates in the Lebanese banking markets.

Throughout this conference Lebanon seeks to get long-term loans at low profits instead of short term loans payable within the two coming years, as well as assets for the general treasure.

The sum Lebanon is expected to get during the conference is expected to reach USD 4 to 5 billion.

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