Lebanon Is Giving Loans With No Interest to People in Debt

Amer Ghazzal

Due to the coronavirus pandemic, people all across the country have found themselves having to stay at home and are under lockdown’s strict measures and curfew. Many can no longer go to work as businesses closed their doors amid the crisis.

Lebanon’s Central Bank Governor, Riad Salameh, announced to MTV that everyone with debt due in March, April, and May will receive a 5-year loan with zero-percent interest.

According to the circular issued by the Lebanese Central Bank (BDL), people will be able to use these loans to settle debts due between March to May 2020. Additionally, companies will be permitted to use this loan to pay their employee’s salaries.

The Central Bank announced that it will offer banks and financial institutions the 5-year loans at zero interest rate, at an equivalent to the value of loans they provide to people.

With an already frail economy, many Lebanese people are suffering financially. These loans could help many families sustain themselves for the time being.

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