United States Provides $50 Million to Support Lebanese Government’s Economic Reforms

April 8, 2009

United States Provides $50 Million to Support Lebanese Government’s Economic Reforms

In a sign of U.S. support for the Lebanese government’s efforts to improve the country’s economy, Ambassador Michele J. Sison, the United States Agency for International Development (USAID)/Lebanon Mission Director Denise A. Herbol and the Minister of Finance, Mohammad Chatah, participated in a ceremony to mark the signing of an amendment to an existing grant agreement covering the disbursement of $50 million in support of Lebanon’s economic reforms.

This agreement is part of a $250 million pledge from the United States to support the Lebanese government as it pursues its reform priorities.  In recognition of the Ministry of Finance’s recent efforts to improve Lebanon’s fiscal position and set the stage for strong economic growth, the United States will pay $50 million of Lebanon’s sovereign debt on behalf of the Ministry.  With this payment, the U.S. government will have disbursed $175 million since 2007 in response to the Lebanese government’s progress on economic reforms.

In her remarks at the ceremony,  Ambassador Sison said, “I am proud to be here with Finance Minister Chatah, whose outstanding efforts to steer the Lebanese economy on the right course have led us to the signing of this agreement amendment, allowing the disbursement of $50 million in U.S. funding to pay Lebanese external debt. “

The $1.3 billion in U.S. assistance to Lebanon since 2006, including both economic and security assistance, is a testament to the United States’ steadfast support for the Lebanese people’s aspirations for peace, security, and development.