BEIRUT, Aug 22: Lebanon said on Friday it had postponed long-awaited plans to sell 40 per cent of its money-losing power monopoly, a move that had been expected to help the country deal with mounting public debt.

Energy and Water Minister Ayoub Hamayid told Reuters in an interview that Electricite du Liban (EDL), which rations power to some areas and collects only about two-thirds of its bills, would not go on the market until it had undergone a complete overhaul aimed at fetching a more attractive price.

“Privatisation is postponed at the present time,” Hamayid said. “Why would I privatize if I’m not going to make any money...there is no interest in it for the treasury at all and no interest for the government,” he said.

Former Energy and Water Minister Mohammed Abdel Hamid Baydoun, replaced in a cabinet reshuffle in April, said earlier this year Lebanon would sell its power production and distribution operation to an international investor at the end of June.—Reuters