Saudi Press

Saudi Arabia and the world
Thursday, Mar 26, 2026

Lebanon needs up to $15bn to rise from economic collapse

Lebanon needs up to $15bn to rise from economic collapse

Lebanon needs 12-15 billion dollars in loans from its partners to restart its economy, says the governor of the country's Central Bank. Howerver many blame Riad Salameh's policies for Lebanon's economic crisis, which has pushed swathes of people into poverty.

Salameh said Tuesday in an interview with AFP that the International Monetary Fund’s quota for Lebanon was four billion euros.

"If countries add to it, we could reach 12 to 15 billion dollars, an amount that could help start Lebanon's recovery and restore confidence," he said.

Lebanon's financial collapse in 2019 has left more than 80 percent of the population living in poverty, and the currency, the Lebanese pound, has lost more than 90 percent of its value.

Officially pegged at 1,507 to the dollar since 1997, the Lebanese pound sold for nearly 30,000 to the dollar on the black market earlier this month, a record low.

Political squabbling has delayed an agreement with the IMF that would start to resolve the crisis, and political leaders have continued to resist key reforms demanded by donors to unlock necessary funds after it defaulted on its debt for the first time last year.

France has spearheaded international efforts to help Lebanon raise international aid, particularly from wealthy Arab powers.

Central bank to blame?


Salameh has dismissed criticism blaming him and central bank policies for the economic crash, saying "had it not been for the central bank and its reserves, Lebanon would not have been able to carry on".

The central bank's mandatory dollar reserves have been slashed by more than half, and its fast-diminishing reserves are threatening a subsidy programme that covered fuel, medicine, flour and other key imports.

According to Salameh the central bank can afford to finance partial subsidies on a few remaining imports for "around six to nine months," if no additional measures are taken to combat the depreciation of the Lebanese pound.

Salameh is facing judicial investigations in France, Switzerland and other European countries on suspicion of money laundering and illicit enrichment among other charges.

He dismissed the cases against him as unfounded and lacking in evidence, claiming they were opened based on complaints filed by Lebanese citizens "for reasons that could be political... or tied to certain interests."

"I am ready to cooperate with all investigations," he said, claiming they were based on "fabricated evidence".

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia Expands Maritime Network with Launch of Six New Shipping Services
Saudi Arabia Launches FII Summit Amid Heightened Focus on Global Stability and Investment Risks
Saudi Arabia’s HUMAIN Secures First US Customer in Expansion of AI Capabilities
Saudi Arabia Calls on US to Seize Strategic Opportunity to Reshape the Middle East
Saudi Arabia’s Strategic Investments Help Shape Silicon Valley’s Rise
Saudi Arabia Announces Passing of King Abdullah, Marking End of an Era
Saudi Arabia May Shift From Neutrality to Retaliation if Houthi Attacks Escalate, Experts Warn
UAE and Saudi Arabia Urge Decisive US Action on Iran as Regional Pressure Intensifies
Zelensky Visits Saudi Arabia After Offering Ukraine’s Drone Expertise
Saudi Arabia Pauses Ambitious Desert Ski Project Amid Strategic Reassessment
Trump Set for Palm Beach Return Following Saudi-Backed Summit in Miami
Saudi Arabia Accelerates Yanbu Oil Exports Toward Five Million Barrel Target
Report Highlights Saudi-US Security Discussions as Trump Administration Evaluates Iran Strategy
Saudi Arabia’s Humain Commits Three Billion Dollars to Elon Musk’s xAI in Strategic Technology Push
Saudi Arabia Signals Firm Shift in Iran Policy, Declares Coexistence No Longer Viable
Saudi Clubs Prepare Major Push to Sign Mohamed Salah Amid Growing Transfer Speculation
Saudi Arabia Rejects Claims It Seeks to Prolong Regional Conflict
Saudi Arabia Condemns Iranian Actions and Signals Firm Shift Toward Stronger Response
Saudi Arabia Reassesses Strategic Approach as Regional Tensions with Iran Intensify
Pakistan Reaffirms Strong Support for Saudi Arabia Following High-Level Visit
Saudi Arabia Expands Regional Trade Links by Opening New Land and Sea Routes to UAE
World Economic Forum Delays Saudi Conference as Regional Conflict Disrupts Global Agenda
Saudi Arabia and UAE Signal Potential Entry into Iran Conflict if Critical Infrastructure Is Targeted
Global Firms Accelerate Expansion into Saudi Arabia as Economic Reforms Gain Momentum
Global Labour Pressure Mounts as ILO Faces Calls to Reject Saudi Bid to Dismiss Migrant Worker Complaint
Gulf Powers Move Closer to Entering Iran Conflict as Regional Pressure Intensifies
Saudi Arabia Breaks Ranks with Regional Allies Over Response to Iran Escalation
Saudi Arabia Moves Closer to Direct Role as Iran Conflict Intensifies
World Economic Forum Postpones Jeddah Meeting Amid Escalating Regional Tensions
Saudi Crown Prince Reportedly Urges Trump to Sustain Military Pressure on Iran
Trump to Deliver Keynote Address at Saudi-Backed Investment Summit in Miami Beach
Saudi Arabia and Kuwait Press Ahead With Energy Agreements Despite Regional Conflict
Can Saudi Arabia’s Yanbu Port Replace Hormuz? Capacity Limits Test Critical Oil Lifeline
Saudi Arabia Detects Ballistic Missiles as Regional Tensions Escalate in Gulf
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Arabia and UAE Push Ahead With Major Deals Despite Iran-Related Uncertainty
Formula One Cancels Bahrain and Saudi Arabia Grands Prix Amid Escalating Regional Tensions
Pakistan Signals Strategic Realignment Toward Saudi Arabia Amid Regional Tensions
Saudi Arabia Cuts Oil Shipments to Asia as Regional Conflict Disrupts Key Export Routes
Saudi Arabia Moves to Contain Regional Escalation as Houthis Signal Readiness to Join Conflict
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Egypt Reaffirms Strong Support for Saudi Arabia as Sisi Condemns Iran’s Gulf Attacks
Saudi Stocks Close Higher as Tadawul Index Gains 0.55% on Broad Sector Strength
Iran Fires Ballistic Missiles Toward Riyadh as Gulf Conflict Intensifies
Barcelona Midfielder Marc Casadó Attracts €40 Million Interest from Saudi Clubs
Strait of Hormuz Tensions Rise as Saudi Arabia Opens Key Air Base to US Forces
Saudi Arabia Confronts Strategic Turning Point as Iran Conflict Redefines Regional Alliances
Saudi Arabia Intercepts Missile as Two Others Land in Remote Area Without Casualties
×