AMF to lend $75m to Lebanon

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ABU DHABI, Dec 27 (Xinhua): The Arab Monetary Fund (AMF) yesterday signed two agreements to lend Lebanon a total of 75 million US dollars, Emirates News Agency reported.
The two agreements were signed with Lebanon's Central Bank and Ministry of Finance to support financial reforms in Lebanon, according to the report.
The first loan of 43 million dollars was offered to Lebanese central bank to boost its programme on risk management in the banking and financial sector and upgrade the accounting standards at bar with international best practices.
The second 32-million-dollar loan to Lebanese finance ministry will be used to tackle public debt and reform budgeting system and financial management.
These two loans brought the total volume of loans extended by AMF to Lebanon to 126 million dollars.
Established in 1976, the Abu Dhabi-headquartered AMF is a regional Arab organisation.
Its main objectives include correcting and balancing the payment of the member states, removing restrictions on current payments between member states, establishing policies and modes of Arab monetary cooperation and paving the way for a unified Arab currency.