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Lebanon Secured $295 Million Loan For The Cash Card Plan

The cash card project that Lebanon intends to roll out is financed by the World Bank, former Finance Minister Ghazi Wazni said on Tuesday.
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The cash card project that Lebanon intends to roll out is financed by the World Bank, former Finance Minister Ghazi Wazni said on Tuesday.

During the handover ceremony with the new finance minister, Youssef Khalil, Wazni announced that the cash card project had been launched.

“… Funding is available from the World Bank, which has allocated a loan of $295 million. As for releasing the funds, a decision from Parliament is required,” he stated.

“There is no exit for the new government except through the International Monetary Fund (IMF), as there has become a consensus on the need to negotiate with the fund, and the government has presented a good recovery plan for the fund.”

One of the requirements of the IMF is conducting a forensic audit into the accounts of the Central Bank of Lebanon.

Lebanon previously signed a contract with New York-based firm Alvarez and Marsal to conduct the audit, but the process was later obstructed due to disagreements with the central bank. This will change soon, according to Wazni.

“Forensic auditing is a national and international requirement, and it is one of the demands of the IMF. Regarding Alvarez & Marsal, Minister Youssef Khalil will sign the contract with it within two days,” the former minister said.


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Lebanon Secured $295 Million Loan For The Cash Card Plan

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