Lebanon’s gross public debt grew 9.9% y/y and 1.3% m/m to LBP 95.35tn (USD 63.3bn) at end-November 2013, easing from a 10.3% growth at end-October, data from the association of banks in Lebanon showed on Jan 24. The public debt, which also rose 9.6% ytd, was lifted by onoging domestic debt issuances to meet budget needs.
On September 26, the finance ministry sold LBP 1.2tn (USD 800mn) worth of LBP-denominated in 10- and 12-year T-bonds to cover public-sector salaries and partially repay external debt up to end-2013. The oversized 180,000-staff public sector, including the military and security services, is responsible for around 35% of the total budget expenses annually, according to official estimates.
Net public debt, which excludes public sector deposits at commercial banks and the central bank from gross public debt, rose 7.4% y/y to LBP 79.5tn at end-November.
The LBP-denominated debt rose 8.9% y/y to LBP 55.9tn (58.7% of the total), lifted by higher subscriptions in T-bills issues. The FX-denominated debt expanded 11.2% y/y to LBP 39.42tn (41.3% of the total gross debt).
Banks held 53.3% of the LBP debt at end-November and the central bank had a 30.1% share. Some 16.6% of the debt was held by the non-banking sector. Eurobonds (90.5%), multilateral (4.6%), bilateral (3.9%), Paris II loans (0.5%) and others (0.5%) constituted the FX debt.
The average maturity of the LBP-denominated government debt securities was estimated at 1,298 days (3.56 years) with a weighted interest of 6.87%. The average maturity of the FX-denominated government debt instruments averaged 5.66 years with a weighted interest of 6.49%.
The Al Dahra Group of the United Arab Emirates (UAE) wants to purchase nearly 60,000 hectares of agricultural land along the Danube River, develop a logistics company including water and road ... more
The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more
The odds on the Trump administration attempting to kill the Iran nuclear deal substantially shortened on March 13 with the firing-by-tweet of US Secretary of State Rex Tillerson and his replacement ... more