asked Her Majesty's Government:
How much money pledged by the Government and their international partners for reconstruction in Lebanon has so far been made available; how much has been spent; whether there is a timetable for the balance of contributions; and whether soft loans included in the total will be used to reduce existing debt. [HL2191]
The international community pledged collectively US$7.6 billion in loans and grants to Lebanon at the Paris III conference on 25 January. The commitments span several years. Precise figures for the sums already spent by donors in Lebanon do not yet exist and there is no single timetable. The Government of Lebanon announced last week that they intended to form a committee of major donor countries and other organisations in March to help to monitor the spending of funds pledged at the Paris III conference.
The soft loans will not reduce the overall debt, but some of the loans are intended to help to ease Lebanon's debt service obligations; for example, a US$300 million loan from United Arab Emirates was issued on 20 February and will be used to pay annual debt service. The Government of Lebanon intend to reduce the overall amount of debt by implementing their economic reform programme.