BEIRUT (AP) — Qatar has announced that it will invest $500 million in Lebanese government bonds to support the Mediterranean country’s struggling economy.
Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani made the announcement in comments to Qatar’s state news agency.
Monday’s announcement came a day after Qatar’s ruler Sheikh Tamim bin Hamad Al Thani made a short rare visit to Lebanon where he met President Michel Aoun and took part in an Arab economic summit.
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Lebanon’s economy has been struggling from massive debt, little growth and high unemployment.
Earlier this month, Lebanon’s Finance Minister Ali Hassan Khalil was quoted by a local newspaper as saying that the country may restructure its debt, leading to sell-off in Lebanese bonds.
He later clarified that Lebanon is committed to paying back all maturing debt.
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