President of Lebanon, Michel Aoun, reaffirmed that Lebanese Pound is not in danger and rumors about the economy are causing damages for the country.
The President's comments come amid fears that political stalemate is hampering urgent reforms and leaving the heavily indebted country at risk, recalling that Lebanon has been without a Government since the general elections held four months ago.
The Central Bank has repeatedly sent its convictions about the strength of the Lebanese pound's peg to the US dollar and the size of its Foreign Exchange reserves, in response to the speculations made about the future of the currency.
President Aoun, said in a statement published by his press office that, “The Lebanese pound is not in danger and Lebanon is not on the path of bankruptcy. The economic situation is difficult, but it’s the rumors spread that harm Lebanon. We are not denying that there is a crisis, but we are working on solving it."
Lebanon has the third highest debt to GDP ratio in the world, exceeding 150% in the end of 2017. The International Monetary Fund (IMF) is demanding immediate and substantial financial control for Lebanon to improve public debt servicing capacity.
Source: (Al-Arabiya.net, Edited)
