Lebanon's IMF SDR funds have disappeared into thin air

News Bulletin Reports
04-04-2023 | 07:57
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Lebanon's IMF SDR funds have disappeared into thin air
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Lebanon's IMF SDR funds have disappeared into thin air

During a confidence session, Prime Minister Mikati stated that Lebanon had received $1.139 billion from the International Monetary Fund (IMF), and that the funds would only be disbursed according to clear and comprehensive plans. 

In a conversation with Albert Kostanian, Mikati also clarified that this decision was for the Lebanese state, and the funds would be invested in electricity projects, with no relation to the financial card and consumption.

However, in reality and within almost a year, the Special Drawing Rights (SDR) funds were spent without a plan, transparency, or investment projects. According to the Ministry of Finance, by the end of January:
- Over $223 million of the SDR amount was spent on fuel for Electricité du Liban
- Approximately $244 million was spent on pharmaceutical subsidies
- $121 million was allocated for wheat subsidies
- Over $13 million went to passport issuance expenses
- $683,000 was paid for legal fees owed to the Ministry of Justice
- Around $110 million went to outstanding loans for international financial institutions and entities
- $35 million in fees related to the SDR
Adding amounts spent in February and March for pharmaceutical and wheat subsidies and other expenses, nearly $300 million or possibly less remains.

The issue is not with the government's right to spend SDR funds, but with the manner of disbursement. 

Instead of investing in projects that create job opportunities for youth, support growth, and bring money to the treasury (such as building power plants or developing the transportation sector and improving state sectors like telecommunications, hospitals, and education), the government chose to continue with populist and random policies.

The funds were wasted on subsidies that proved ineffective, squandering the opportunity for developmental and reform projects that could restore confidence in the country. Consequently, the SDR funds vanished, just like the depositors' money.

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