(MENAFN) The Republic of Lebanon is set to repay a total of USD1 billion of bonds using its own foreign exchange reserves, according to resources from the country"s treasury, Reuters reported.
The bonds are owed to be paid in June and August. Presently and under the country"s current budget laws, Lebanon cannot afford to accumulate any additional debt, the source added.
The law doesn"t entail that the country cannot exchange old bonds for new ones. Thus, the prospect of bond exchange remains an amenable option.
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