BEIRUT, Lebanon will not pay a $1.2 billion Eurobond due on March 9 as its foreign currency reserves have hit critical levels and are needed to meet the basic needs of the Lebanese people, Prime Minister Hassan Diab said on Saturday.

In a televised address, Diab said Lebanon was not able to pay maturing debt in the current circumstances and would work to restructure its debt through negotiations with bondholders, Reuters reported.

Lebanon's public debt had reached more than 170% of gross domestic product, meaning the country was close to being the world's most heavily indebted state, Diab concluded.

Source: Saudi Press Agency

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