EDL transfers up

Highest share of primary spending in three years

Treasury transfers to the Electricité du Liban (EDL) grew by 25 percent year-on-year in 2012, to $2.2 billion. These transfers constituted 23.8 percent of primary expenditures, the highest share in the last three years.

The Ministry of Finance said the increase was mainly driven by higher international oil prices. Payments for fuel and gas oil purchases from KPC (Kuwait Petroleum Corporation) and Algeria’s Sonatrach grew to $2 billion, up by 23 percent year-on-year.

Treasury advances worth $120 million were transferred to the EDL to be paid to the Turkish power-ship firm Karadeniz. EDL’s debt servicing costs totaled $74 million.