Lebanese general debt increases to $ 33 billion

The Lebanese Central Bank announced the increase in Lebanon's general debt to $ 33 billion by the end of 2004 in comparison with $ 31.3 billion in 2003.

The Bank said in its monthly news bulletin that foreign debt reached $ 18.41 billion by the end of 2004 for $ 18.76 billion by the end of November, 2004.

The Lebanese Central Bank explained that the net general debt reached 48.762 trillion Lebanese Lira ( $ 32.867 billion) by the end of 2004, against 50.943 trillion Lebanese Lira ($ 33.64 billion) by the end of November.

The Lebanese general debt to GNP ratio is considered the highest in the world. It consists 185% of the GNP. This debt was mostly aggregated following the civil war which started in 1975 and ended in 1990.

In the economic field also, the Central Bank registered Lebanon's deficit in the balance of payment reached $ 232.3 million during the first 11 months of 2004.

But the Bank indicated that the deficit reached 102.4 million dollars in November 2004, alone.

Lebanon had achieved a surplus in the balance of payment in 2003 following the influx of financial aid from international donors following a conference held by the end of 2002 offering easy loans estimated at $ 4 billion to serve the Lebanese general debt.