The Lebanese Depositors’ Union sent a strongly worded objection to the World Bank, requesting a review of the unfair conditions of the humanitarian loan amounting to 246 million dollars that only encourages more corruption. The Union made the following points:
The Depositors’s Union called for a review of the loan implementation mechanisms in relation to the exchange rate and called on the World Bank to disburse the amount directly to the beneficiaries in dollars or its equivalent at the market price.
The Union also demanded the World Bank to stop financing state institutions or the Central Bank in the absence of a clear, fair and transparent financing plan to exit the crisis. These loans are an additional debt on the shoulders of the Lebanese people. The funds are distributed by an authority that has proven its failure to manage the state’s finances and to preserve the state’s competencies and resources.
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