Lebanon draft budget includes advance pay for state-owned power company

Lebanon draft budget includes advance pay for state-owned power company

Lebanon's draft budget for 2022 includes an advance for the state-owned power company of up to a maximum of 5.25 trillion Lebanese pounds, according to a copy of the draft seen by Reuters. The advance to be used by Electricity of Lebanon to pay off a fuel purchase deficit, interest and loans instalments. Lebanon is mired in a financial crisis that left the country struggling to find enough foreign exchange to pay for fuel and can only now delivers a few hours a day of electricity at best. (Reporting by Laila Bassam, Writing by Nayera Abdallah; Editing by Alex Richardson) (([email protected];))