After the election of Joseph Aoun as President of the Republic… an increase in Lebanese bonds
Lebanese bonds continued their three-month rise, Thursday, after the House of Representatives voted to elect a new president for the country for the first time since 2022.
The Lebanese Parliament elected Army Commander Joseph Aoun after 12 previous attempts that did not result in choosing a president for the country. The move reinforces hopes that Lebanon will finally be able to address its economic crises.
The value of Lebanon’s bonds has nearly tripled since September, when the conflict with Israel weakened the armed group Hezbollah, which was seen as an obstacle to overcoming the country’s political crisis.
Most of Lebanon’s international bonds rose after the… Aoun’s victory rose by about 0.8 to 0.9 cents during the day, reaching about 16 cents to the dollar.
Lebanon’s bonds have risen daily since late December, but they remain among the lowest priced government bonds in the world, which reflects the extent of the difficulties facing the country’s economy.
As the Lebanese economy continues to recover from the severe financial collapse of 2019, Lebanon desperately needs international support for reconstruction after a war that the World Bank estimates has cost the country $8.5 billion. (Sky News)
