Lebanon PM: Government won’t repay $1bn in foreign currency debt

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  • Lebanon’s prime minister has announced the government will not repay foreign currency debt of more than $1bn.
    In a televised speech, Hassan Diab also promised to work on a plan to protect people’s deposits.
    The default covers just a small part of the $91bn it owes to foreign creditors.
    Lebanon’s debt is more than 170 percent of its economic output, one of the heaviest burdens in the world.
    The prime minister, president and the central bank governor have been meeting to reach a decision.
    Al Jazeera’s Zeina Khodr reports from Beirut.

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    In This Story: Lebanon

    Lebanon, officially known as the Lebanese Republic, is a country in the Levant region of Western Asia, and the transcontinental region of the Middle East.

    The official language, Arabic, is the most common language spoken by the citizens of Lebanon. Its capital is Beirut.

    Lebanon was a founding member of the United Nations in 1945 and is a member of the Arab League (1945), the Non-Aligned Movement (1961), Organisation of the Islamic Cooperation (1969), and the Organisation internationale de la francophonie (1973).

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