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Net public debt reached $49.9 billion
| Data from the weekly report of the Byblos Bank, Lebanon This Week, shows that Lebanon net public debt has reached $49.9 billion at the end of October 2009. This improvement marks a growth of 6.1 % in comparison with the same period last year. |
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The study explains that national debt accounted for 57.5 % for gross public debt in the end of October 2009 in contrast with the 54.2 % done a year before. This debt was issued in foreign currency.
Furthermore commercial banks have financed 58.2 % from public debt in the October. These institutions were followed by the Central Bank who contributed for the financing of 19.4 % an improvement in comparison with the 19.8 % at the end of 2008.
The ministry of Finances has indicated that Lebanon succeeded in issuing $500 million worth in Eurobonds. The objective was to finance the Debt and public Treasury. These institutions have been doing major transfer for many years to the publicly losing company Electricité du Liban (EDL).
The issue of Eurobonds will be divided in two parties, the first having a maturity in 2015, the second in 2025. The study noted that these emissions have totalized 250 million of dollar each. She indicates that the coupons that are maturing in 2015 have an interest rate of 5.875 %, whereas the others have an interest rate of 7 %. These rates have obtained an excess of demand for national and international investors.
The minister of Finance, Raya Haffar Al-Hassan explained that with these rates and the excess of demand that the actual currency is experiencing can help in the financing of Treasury bonds who were taking maturity in 2010 with a total of $2.15 billion. Mme Hassan explains that the ministry has processed to a swap operation to finance the $2.3 billion who took maturity last march.
Beirut
09-12-2009
Karl Soued
Ebizproduction
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