Lebanon’s gross public debt grew 7.3% y/y to LBP 89.22tn (USD 59.2bn) at end-May 2013, virtually the same as the month before, data from the Association of Lebanese Banks showed.
LBP-denominated debt accounted for 56% of the total at LBP 50.11tn and the remaining balance was in foreign currencies. FX-denominated debt increased 22.4% y/y (down 0.5% m/m) at end-May to LBP 39.1tn lifted by the government’s USD 1.1bn USD-denominated Eurobond issue in April.
The FX debt total comprised 90.2% worth of Eurobonds and nearly 5% of multilateral agreements.
The net public debt, which excludes the public sector deposits at the commercial banks and central bank, rose 7.4% y/y to LBP 76.4tn at end-May. Lebanese banks held 49.9% (down from 50.6% in April) of the LBP-denominated debt and the central bank had a 32.3% share. Non-banking sector held 18.0% of the local debt over the period.
Turkey is not at all considering the closure of its military base in Qatar despite the demand for its immediate termination ... more
Russia has warned the US-led coalition in Syria that its aircraft will be regarded as targets after the US shot down a Syrian military aircraft on June 18. “Any aircraft, including the ... more
Turkish President Recep Tayyip Erdogan has criticised the isolation of Qatar by its Gulf neighbours as “inhumane and against Islamic values”. “It is as if a death sentence has been passed on ... more