The Ministry of Finance has approved a new advance in foreign currency for Electricité du Liban. The latter was requested by the Presidency of the Council of Ministers and after discussion with the President of the Republic, General Michel Aoun, the outgoing Prime Minister Hassan Diab and the Governor of the Bank of Lebanon Riad Salamé and aims to enable the EDL to buy the fuel oil necessary for the operation of its power stations.
If this loan materializes, the threat of a shortage of electric current could therefore recede for a time while the previous advance, however decided following a vote in parliament, has been suspended following an appeal by parliamentarians of the Lebanese Forces to the constitutionnal Council.
It is not yet clear whether the Banque du Liban will approve the disbursement of the necessary funds when the available monetary reserves are nearly exhausted.
For its part, the EDL indicated that only 1 tanker out of the 4 currently off the Lebanese coast could have its cargo unloaded. In question, the delay taken by the Bank of Lebanon to honor these purchases. The situation worsened further after the owners of the neighborhood generators announced a cut of 5 hours of electricity per day due to growing shortages of public electricity.
