Photo: Gorm Kallestad / NTB


At least 32 million Norwegian krone, which was supposed to help vulnerable people in Lebanon in 2020, disappeared due to low exchange rates, according to newspaper VG calculations.

According to VG calculations, the United Nations High Commissioner for Refugees UNHCR and the World Food Program (WFP) have lost an average of 50.2% of the exchange rates used for aid in 2020 compared to market rates.

The newspaper was granted access to an email sent by the Norwegian Embassy in Beirut last June. This email warns of the danger of donor reputation risk due to problems. The warning was issued after news agency Reuters revealed that the UN aid fund of at least US $ 250 million had disappeared due to the slump in exchange rates.

“Risks are not mitigated by the distribution of funds to the banking sector, which is a major cause of the crisis facing the country,” the email said.

Exchange rate challenges

The Githabul has told VG that it has not calculated the potential for currency losses and is unsure if development aid has run out.

However, communications adviser Guri Solberg confirmed that the Ministry of Foreign Affairs is aware of the challenges associated with the various exchange rates of domestic development assistance.

VG is the market price of the currency compared to information on the rates received by the United Nations High Commissioner for Refugees UNHCR and the Norwegian aid from the World Food Program, according to WFP reports and other sources. We have calculated the amount that may have been lost by summarizing the information about.

According to calculations, 32 million Norwegian krone was lost in 2020.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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