Finance Ministry: Lebanon to default on payment of Eurobonds in foreign currency

The Ministry of Finance said in a statement released on Monday that Lebanon had announced on March 7, 2020, its decision to suspend payment of Eurobonds, at $ 1.2 trillion, in order to preserve its deposits in foreign currency.

“To consolidate this objective, and due to increasing pressure, the government has decided to stop paying all Eurobonds in USD and will take all the measures deemed necessary to manage the limited reserves in foreign currencies, wisely,” a statement by the Ministry of Finance read, confirming the government’s commitment to its economic reform plan in line with the process underway to develop a sustainable macroeconomic plan to rectify the status of the Lebanese economy.