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24-03-20
Lebanon to suspend paying Eurobonds in USD
(MENAFN) On Monday, Lebanon declared it will suspending paying Eurobonds in USD.
According to the Finance Ministry, "Due to the increasing pressure to access foreign currencies, the government decided to stop paying all Eurobonds in [U.S.] dollars".
As said by the ministry, "good faith" conversations will start with creditors as soon as possible and directed financial advisors to implement proper arrangements.
Lebanon declared on March 7 the suspension of the payment of bonds value USD1.2 billion that were due that day.
Notably, bonds worth USD2.7 billion are coming due for Lebanon next month as well as USD700 million due later this year.
MENAFN2403202000450000ID1099903057
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