Today, Friday, an official Lebanese source said that Lebanon will apply an exchange rate of between 15 and 20 thousand pounds per dollar for operating expenses in the draft budget for 2022. in which the deficit should reach 20.8%.
A copy of the draft budget predicted that the value of the revenues would amount to 39.15 trillion pounds and the expenses would amount to 49.42 trillion pounds.
The source said the draft did not specify the exchange rate due to the application of different exchange rates in Lebanon.
The Lebanese pound has lost more than 90% of its value since the country plunged in a financial crisis in 2019.
According to a copy of a draft seen by Reuters, Lebanon’s draft budget for 2022 included a long-term maximum advance of the treasury to the Electricité du Liban (EDL) of £ 5.25 trillion.
According to the draft, the advance will be granted to Electricité du Liban to pay the deficit on fuel purchases, interest and rate of the loan. Lebanon has been bogged down in a financial crisis since 2019 and struggled to get enough foreign currency to pay for fuel. Electricity is now only available for a few hours maximum per day.
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