Qatar to invest $500mln in Lebanese bonds

Lebanon’s finance minister said earlier that his country might restructure its debts

  
Image used for illustrative purpose. A Lebanese trader monitors the market at the Byblos bank dealing room in Beirut October 13, 2008.

Image used for illustrative purpose. A Lebanese trader monitors the market at the Byblos bank dealing room in Beirut October 13, 2008.

REUTERS/ Jamal Saidi

Mubasher: Qatar on Monday announced plans to purchase Lebanese government bonds worth $500 million in a bid to support one of the world’s top struggling economies.

Qatar’s emir Sheikh Tamim bin Hamad Al Thani agreed to invest the funds in its first-ever visit to Lebanon to take part in Beirut's Arab Economic and Social Development Summit, Bloomberg News reported.

Lebanon’s finance minister said earlier that his country might restructure its debts, leading to a rout in the bond markets.

The Arab country’s plans were denied later by officials, who confirmed that Lebanon would meet its obligations on time in order to reassure investors.

In a separated note, the GCC nations’ bond sales are projected to decline in 2019, compared to $78 billion notes a year earlier as issuers become more cautious on the back of growing interest rates and market volatility, JPMorgan Chase & Co. said.

Source: Mubasher

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