Today: Thursday, 25 April 2024 year

Lebanon seeks fuel imports from Kuwait

Lebanon seeks fuel imports from Kuwait

Lebanon looks for ways to import fuel from the neighbouring countries. Kuwait’s government is ready to negotiate that issue to help Beirut cope with the deepest ever economic and financial crisis, Kuwaiti newspaper Al Rai reported.

Lebanon is still suffering a dire financial crisis and hard currency liquidity crunch. Since October, the Lebanese pound has lost some 80% of its value.

As the internal security chief confirmed on Tuesday, the nation faced the fuel crisis, which is deepening week by week. To avoid the deteriorating of the situation, Lebanese official Abbas Ibrahim had discussed the matter with Kuwaiti officials during a visit to the Gulf state this week.

In addition to the fuel topic, other “shared ideas” were on the agenda during the discussions that could help alleviate Lebanon’s crisis.

“We want to purchase 100% of our requirements from Kuwait without going through agents or companies looking to make a profit … this is a purely commercial matter and I hope there will be no obstacles to it,” Al Rai quoted Lebanon’s internal security chief as saying.

According to Ibrahim, the respective request would be raised to Kuwait’s ruler. So far, there was no immediate comment from Kuwaiti officials on the request. Abbas, in the newspaper interview, declined to elaborate on what other assistance Lebanon may have sought.

Meantime, in Lebanon, already in deep trouble before the COVID-19 epidemic, half the country’s 6 million residents now live below the poverty line. The Parliament and banking sector have failed to agree on an economic rescue plan, bringing even more chaos in the fragile and imbalanced economic.

Despite all the non-stop troubles, Lebanese businesses are fighting hard to stay open. As people say, amid coronacrisis, it is not the issue of enrichment but survival. For Lebanon, fuel imports from Kuwait mean a lot, that move could save many businesses from the inevitable bankruptcy.