Electricite Du Liban Announces Balanced 2023 Budget and Financial Measures

Electricite Du Liban Announces Balanced 2023 Budget and Financial Measures

Notification

2023-08-18 | 05:06

High views

Electricite Du Liban Announces Balanced 2023 Budget and Financial Measures

The Electricite Du Liban issued on Friday the following statement:

1-    The Electricite Du Liban (EDL) has approved, based on its Board of Directors' decision No. 280 dated 7/6/2023, its budget for the year 2023. For the first time in years, the budget is balanced financially. It does not include any financial deficit or request for financial contribution from the government. This is achieved by relying on the National Emergency Plan's components for Lebanon's electricity sector.

2-    The EDL has requested the Central Bank of Lebanon, according to its letter No. 3351 dated 16/8/2023, to transfer the revenues from electricity bills, totaling LBP 2,517,032,452,320 until 16/8/2023 noon, to US dollars in the facility's US dollar cash account with the Central Bank. This is done according to the Central Bank's mechanism and the Council of Ministers No. 15 decision dated 26/5/2023. The value of these revenues equals, according to this mechanism, USD 37,252,551 until 16/8/2023 noon, part of which is calculated at an exchange rate of LBP 103440 per USD and the other part at an exchange rate of LBP 52320 per USD (based on the Sayrafa platform rate