Caretaker Prime Minister Najib Mikati held a meeting on Monday morning at the Grand Serail, which included Minister of Finance Youssef Khalil, Minister of Energy and Water Walid Fayyad, Acting Governor of the Central Bank Wassim Mansouri, and Director General of Finance George Maarawi. During the meeting, they discussed public financial conditions and the status of the electricity sector.
Minister Fayyad stated after the meeting: "We addressed the issue of the value of the letter of credit required to implement the third contract with Iraq in its third year, which is one million and a half tons annually. The required letter of credit amount is 700 million dollars, and an adjustment needs to be made to reach this amount, which is essential for us to be able to import fuel shipments available in Iraq to Lebanon.
The second topic was related to the amounts due and the mechanism to be adopted with the finance ministry to deposit the funds in the Iraqi account. We agreed on a formula to cover the amounts due for previous shipments, which is important for maintaining a proper relationship regarding the implementation of the agreement with Iraq."
