Lebanon raises the price of fuel by about 40 percent and agrees to conduct a criminal audit of the accounts of the Central Bank

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Central Bank of Lebanon

picture released, Reuters

Today, Friday, the Lebanese Ministry of Energy raised fuel prices by about 40 percent, in a move that came after warnings issued by the Minister of Energy that state subsidies for fuel were unsustainable.

Lebanon is suffering from a severe fuel crisis that threatens to cut off electricity to essential services such as hospitals.

Today, Friday, Lebanon signed a new agreement with Alvarez & Marcel, a restructuring consultancy, to carry out a criminal audit of the accounts of the Central Bank of Lebanon.

A statement by the Lebanese Ministry of Finance said that Alvarez & Marcel will submit an initial report to it within 12 weeks from the date of initiating criminal audits, which is a basic requirement for Lebanon to secure foreign aid.





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