VOL. XLV

No 46

18-November-2002

LEBANON

Lebanese Government Obtains Approval For Debt Swap Plan

The Lebanese Parliaments Budget and Finance Committee has approved a government draft bill to swap $7bn of Lebanons accumulated debt, estimated at around $30bn. The bill, which still has to be passed by parliament, authorizes the government to borrow up to $7bn in foreign currency in the context of restructuring public debt and reducing the cost, and specifies that the said amount will be used...