Lebanon will receive almost a billion dollars in Special Drawing Rights (SDR) from the International Monetary Fund. This unconditional allocation will be part of the largest allocation of SDRs in history —$650 billion— and will most likely take place in August. The allocation aims to boost global recovery post Covid19 pandemic. Lebanon’s portion of this global allocation will directly be deposited in the Central Bank (BdL) who in return will credit the treasury’s accounts with the value of the SRDs.
In this context, Kulluna Irada released a position questioning the wise usage of this unexpected gift, while urging the adoption of a three-pronged social safety program, part of a comprehensive macro-fiscal plan.
Kulluna Irada's Managing Director, Diana Menhem, further explained the organization's position during an intervention on Arab News In French. Watch it here.