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Reuters
Reuters
Business

Lebanon's financial hole expected to grow, deputy PM says

FILE PHOTO: A view shows residential buildings in Beirut, Lebanon August 20, 2021. REUTERS/Issam Abdallah

A hole in Lebanon's financial system estimated at $69 billion in September is expected to grow to $73 billion, and losses in the central bank reserve will increase while the country's financial is not addressed, the deputy prime minister said.

Saade Chami also said the state's contribution to plugging the hole would be "limited" to ensure public debt sustainability, while a depositor contribution was inevitable, in reference to how the losses would be distributed in a financial recovery plan which the government has yet to agree.

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