The Qatari ministry of foreign affairs has said on Monday, it will be investing about $500 million in Lebanese government US dollar bonds in order to support Lebanon’s economy.
Compared with the gross domestic product (GDP) and stagnant growth, Lebanon has the world’s third highest public debt. Comments from country’s finance minister ten days ago regarding the country’s public debt has triggered concerns that it might be reconstructed with leading to a sell-off in the nation’s dollar-denominated sovereign bonds.
According to Al-Jazeera news reports, the announcement to invest $500m in Lebanese government by Qatari authority came after Qatar’s Emir Sheikh Tamim bin Hamad Al Thani made an official visit to the Lebanese capital Beirut to attend the Arab economic summit on Sunday, where he met with Lebanese President Michel Aoun.
Qatar’s Foreign Minister Mohammed bin Abdulrahman Al Thani has on Monday, stressed over his country’s commitment to always support Lebanon and its citizen in a wake of the challenges which Lebanese people faces, and further the move stems from the “profound fraternal ties between the two brotherly countries”.
According to Qatar News Agency (QNA), in an official statement, the foreign minister said, “We wish stability and prosperity for the Lebanese Republic and the Lebanese people, and that the Lebanese economy will recover.”
He added, “The region needs a strong and prosperous Lebanon.”