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Lebanon gets a new IMF loan of 37.6 million dollars
By AFP
Nov 20, 2008 - 4:57:22 AM

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WASHINGTON-Lebanon has received wednesday an extension of the loan granted to him in April 2007 the International Monetary Fund, for 37.6 million dollars, said the institution of Washington. 

This prolongs the loan amount of 76.7 million, as part of an "emergency post-conflict", the IMF said in a statement. The conflict that had opposed in July and August 2006 Shiite Hezbollah and Israel had weighed on the Lebanese economy, causing a contraction of gross domestic product by 5%. The following year, growth was 4%. "The authorities have made further progress to improve public finances and reduce the debt burden," said the multilateral institution. 

"The protection of the domestic financial sector from exposure to international financial risks, helped by a prudent regulation and effective supervision has contributed to strengthening confidence in the anchoring of the exchange rate (of the Lebanese pound to the dollar, ie) and the financial system, "said the IMF. "The impact of the global financial crisis on Lebanon has been limited so far", according to the IMF.

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