Lebanon to receive $US1.135bn from IMF

·1-min read

Lebanon's finance ministry says the central bank will receive $US1.135 billion ($A1.542 billion) on September 16 in International Monetary Fund Special Drawing Rights (SDRs), much needed funds as the country struggles with one of the deepest depressions in modern history.

The new allocation of the IMF's reserve currency is in two parts, $US860 million and $US275 million, a statement by the ministry said on Monday.

Lebanon is in the throes of a deep financial crisis that has propelled three quarters of its population into poverty. Its central bank has all but run down its reserves.

The depletion of foreign currency has translated into worsening shortages of basic goods such as fuel and medication in the past couple of months.

After a year of political deadlock, Lebanese leaders finally agreed a new government on Friday opening the way to a resumption of talks with the IMF.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting