Lebanon: bond would be last for now

Lebanese Prime Minister Rafik Hariri said on July 21, Lebanon would have no need for new foreign borrowing in the near future if his proposed 1 billion US dollar bond issue to fund emergency social spending was approved.

"There will be no need for new bonds," he said. "We have a 1 billion US dollar bond that needs approval. There will be no new bonds (in the near future). If there are, there has to be funding to issue them," he said on the sidelines of an economic conference in Beirut.

Hariri met with economists and private sector business leaders on July 21 to review the government's economic policies, in a meeting described as the first of its kind by newspapers.

Participants said the discussion was heated and focused on problems in all sectors of the economy and controversial issues such as the debt.

Hariri, an ambitious entrepreneur, is trying to lure foreign investors and has said his multi-billion dollar construction drive is essential for Lebanon's economic health.

"This decision was part of moves to encourage foreign investment ", he said.