Lebanon to stop paying all dollar eurobonds, finance ministry says – The National

Lebanon to stop paying all dollar eurobonds, finance ministry says – The National

The government will hold an investor presentation on March 27. "In order to protect the reserve from foreign currencies .... and in view of the increasing pressure to access foreign currencies, the government decided to stop paying all eurobonds in US dollars," the finance ministry said in an emailed statement on Monday.. The decision comes after the government said on March 7 it would suspend the payment of $1.2 billion (Dh4.4bn) of eurobonds due on March 9.. Today's decision impacts 29 eurobonds, according to the finance ministry.. "The government will take all measures it deems necessary to manage Lebanon's limited foreign currency reserves wisely and with caution," the ministry said.. The government's economic reform agenda aims to restore sustainability to public finances by restructuring public debt and adopting a series of financial measures.. Some analysts have called for banks in the country to consolidate.. The finance ministry will hold an investor presentation on March 27 and Lazard Frères, Lebanon's financial adviser, is overseeing the arrangements.. Its public debt increased 7.6 per cent to $91.64bn year-on-year as of the end of December 2019..