| 1 October 2022, Saturday |

2022 Budget adopts 15,000 – 20,000 LBP as exchange rate

The Council of Ministers is expected to discuss the draft budget for the year 2022 in its session on Monday, which concluded by setting the value of revenues at around 39 thousand billion pounds and expenditures at 49 thousand billion pounds, noting that the project authorized the government or the Minister of Finance with its authorization, to determine the conversion price for foreign currencies. In order to collect taxes and fees, the Lebanese pound is converted to the Lebanese pound, while an official source told Reuters that the draft budget uses an exchange rate of 15 to 20 thousand pounds to the dollar for operational expenditures.

Dr. Munir Rashid, an economic specialist, will join us via Zoom to offer further light on this issue.

After a conference in the Serail devoted to examining World Bank projects in the electrical and energy sectors, Energy Minister Walid Fayyad revealed that parallel routes have been selected to progress the power sector, the most significant of which are:

Increasing feeding hours as soon as feasible, decreasing waste through strategy developed in collaboration with Electricite du Liban and service distributors, and assisting security forces and the courts in pursuing offenders.
He stated that Electricité du Liban will give residents with energy at lower cost, since it will be provided to about 75% of subscribers at cost of less than 14 cents per kilowatt-hour, and the home is estimated to cost 60% less than the cost of private generators.

Concerning energy agreement concluded with Jordan and the possibility of increasing feeding hours, Fayyad stated that financing research is underway with the World Bank, and it is expected that the provision of Jordanian electricity and Egyptian gas will begin within the next two months, before spring season.

  • Sawt Beirut International