Lebanon’s central bank is considering increasing its second economic stimulus package.

“The funds have been almost used completely and we are looking at increasing that package,” Central Bank governor Riad Salameh said at a joint conference with the Washington-based IMF, local media reported.

The central bank pumped $800m into the economy this year, allowing commercial banks to borrow at an interest rate of 1 per cent, provided the funds are used to charge lower rates on the financing of key economic sectors such as housing, education and production.

In 2013, it made available its first $1.4bn stimulus package, of which about 75 per cent was used. The rest was rolled over to the second round.

The central bank has launched a host of initiatives in recent years to kickstart the economy, including a scheme to encourage banks to participate in the equity capital of startups, incubators and accelerators as well as venture capital companies, through interest-free facilities covering up to 75 per cent of their investment.

Lebanon’s economic growth has slowed down over the past three years as a result of the Syrian war’s spillover. The country’s GDP grew 0.9 per cent as public debt rose sharply to represent about 140 per cent of GDP in 2013. Meanwhile, the country’s fiscal deficit totalled $1.13bn in 2013, or 9.5 per cent of GDP.