Audio Home Economy Lebanon Looks Beyond Qatar's $500 Million, Sees 'Large Deposits'

Lebanon anticipates allies will help it maintain the pound’s stability by depositing money with its central bank, Deputy Prime Minister Ghassan Hasbani said on Sunday.

Beyond a pledge by Qatar to buy government bonds worth $500 million, Lebanon is looking "to have the confidence of Arab countries and other countries to place large deposits in the central bank of Lebanon, which is something that could happen fairly soon," Hasbani told Bloomberg Television at the World Government Summit in Dubai.

Lebanon, one of the world’s most indebted countries, has sought to mobilize support and allay investor concerns that it risks a financial meltdown driven by political turmoil and doubts over its ability to repay creditors. The government, which was formed recently after nine months of deadlock, also needs time to implement steps negotiated with international donors in return for $11 billion in aid.