WorldMoney & Business

Lebanon claims there isn’t enough money to buy fuel

According to LBC, the most viable solution to the ongoing fuel crisis is to simply buy more fuel for factories in order to recover some more hours of electricity.

However, the means to finance such an operation are not available as the sector claims that there isn’t enough money to buy more fuel. Hence, Lebanon remains reliant on its sole fuel provider, Iraq. The fuel arrangement with Iraq will end in September so Lebanon is trying to find a solution to maintain the steady stream of fuel.

However, renewing the agreement with Iraq seems unlikely because, from the 450 million dollars owed to Iraq for the fuel, Lebanon has yet to pay a single cent.



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