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Tony Issa wrote inThe Republic“The pillars of authority also enjoy a profit margin, generously, from World Bank loans in the humanitarian, social and medical fields. And in early February, voices in donor countries were raised warning about the consequences of the electricity system seizing part of the $ 246 million loan that will be granted to Lebanon in two ways: Lack of transparency in distribution and disbursement of the loan to beneficiaries based on a discretionary exchange rate for the dollar..
In other words, the Authority will receive green dollars from the World Bank and give people 6,240 pounds instead of every dollar… under the motto of allocating the remaining amount for support. The “support gutter” is known where it is poured!
Yesterday the black market price of the dollar touched £ 10,000, and may later rise to unknown limits, but aid remains capped at the 6,240-pound ceiling.
Mathematically, this means that the ruling system seized a third of this loan directly, manipulating the exchange rate, that is, $ 82 million. This amount increases with the fall in the price of the lira. This is in addition to the sums that can be lost due to the lack of transparency in the distribution..
This percentage is reminiscent of a third paid by check merchants. Of course, it reminds us of the $ 3,900 platform dollar. As if the hand were one in everything.
In February, the World Bank reported on objections from donor countries. He was forced to correct the situation, because his loans are not his property, but rather those of the taxpayers of these countries, who seek transparency in their disbursement. But nothing in the bank has changed. The loan is about to be executed. This raises questions about the importance of the insistence of the World Bank or some of its officials in providing services to the electricity system in Lebanon.
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