Lebanon is set to receive more than $1 billion from the International Monetary Fund (IMF) as Special Drawing Right this week, the Lebanese Finance Ministry announced on Monday.
On September 16th, Lebanon will receive about $1.135 billion as Special Drawing Rights for the current year and the year 2009, the ministry said.
The IMF has allocated $860 million to Lebanon for its 2021 Special Drawing Rights and $275 million for the same rights for 2009, according to the Finance Ministry. The funds will be deposited at the Central Bank of Lebanon.
The ministry noted that it had requested earlier this year that the IMF transfers Lebanon’s available Special Drawing Rights, especially those earned in 2009.
It’s worth noting that former Health Minister Hamad Hassan has confirmed that this year’s Special Drawing Rights ($836 million) will be invested into the hospital sector, which is facing immense challenges under the prevailing crisis.
To escape the crisis itself, Lebanon would need international support and the IMF‘s bailout, which can only be unlocked through the implementation of reforms.
In July, the IMF pledged to allocate up to $4 billion to any new Lebanese cabinet willing to implement reforms.
Lebanon formed a new government on Friday, and its head, Prime Minister Najib Mikati, has pledged to rescue Lebanon from its crippling crisis.
