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Salam signs final report for negotiations with World Bank on wheat security

22-04-2022 | 08:01

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Salam signs final report for negotiations with World Bank on wheat security

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Both the Ministry of Economy and Trade and the Ministry of Finance concluded on Friday a round of negotiations with the World Bank to draft a law to accept an emergency loan of $150 million to purchase wheat in order to secure flour, in light of the crises that have negatively affected the availability of this commodity, including the Russia-Ukraine war and the Lebanon currency situation.

Furthermore, the program aims to ensure stability in terms of availability of the required quantities for national consumption and price stability.

Minister Salam signed the final report of the negotiations, and following the approval of the World Bank Board of Directors, the legal process for this file will be completed in the Cabinet and the relevant authorities in preparation for the project being referred to Parliament.

Salam then stated that the World Bank appreciates its quick response to support Lebanon in this difficult phase, adding that “they will do everything necessary to protect and secure bread as a strategic material."

“We are also working on several programs with other international bodies, which we will announce successively,” the minister indicated, saying that “the atmosphere is positive.”

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