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Cabinet approves treasury advances in favor of EDL
News Bulletin Reports
2023-01-19 | 13:41
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Cabinet approves treasury advances in favor of EDL
The Finance Ministry will deposit into the treasury account at Banque du Liban (BDL) the two treasury advances approved by the caretaker cabinet in favor of Electricité du Liban (EDL).
The first has a value of $62 million for 66,000 tons of gas and oil and $54 million for the plants' maintenance.
Thus, according to this arrangement that will be just on papers, BDL will hold this money for its benefit and, in return, will give a letter of guarantee to gas oil importer Vitol ensuring that it will be paid what is owed.
Governmental sources emphasized that implementation must take place immediately because the decrees for the decisions of treasury advances were published in the Official Gazette.
The same sources further indicated that emptying the gas oil ships is expected to happen in the upcoming days, asking, "how the fines for delaying the emptying of the two ships will be paid? And, will Vitol respond to the Energy Ministry and lower the value, which exceeded $1 million?"
However, sources in EDL considered what happened in the ministerial meeting as a starting point for implementing the emergency plan in the electricity sector, adding that it will eventually get the $300 million.
These sources also stressed that the Cabinet is witnessing a "technical discussion" in the electricity file for the first time rather than a political one.
The sources underlined that there was a seriousness in dealing with the file of encroachments on the electricity networks, as all participants confirmed that there are no red lines in this matter.
However, this was practically translated into forming the ministerial committee, which included all the ministers concerned with the success of the electricity plan, especially lifting the encroachments, securing collection, and securing financing.
Moreover, the same sources mentioned that EDL will do everything required for the plan's success and will refer any obstruction to the committee so its members would assume their responsibilities.
The sources also stated that EDL is determined to regularly announce what is occurring with power outlets, update the public on what regions are responsive to the plan, and thus give more feeding hours.
It also noted that a fundamental problem still exists concerning the collection of funds and the prevention of energy waste, precisely the issue of who will be responsible for paying for the power used by the Palestinian and Syrian camps.
Thus, the Cabinet has pledged to resolve this issue with the international bodies looking after Palestinian refugees and displaced Syrians.
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