Hariri presented conference participants with a detailed outline of measures that would be taken to reduce Lebanon’s huge public debt, which he said would reach $31,000 million by the end of 2002. Of the total money secured in Paris, $3,000 million will be used to reduce debt servicing, by replacing more costly debt with loans at lower interest rates and longer maturity, and the rest will go to development projects. Debt servicing consumes about 90 per cent of government revenues. Other governments have promised additional funds when they have assessed Lebanon’s progress in tackling the deficit, among them Iran which has offered $100 million to help the Banque du Liban (central bank) defend the Lebanese pound. Hariri also hopes to use the revenues accrued from the government’s privatisation programme to reduce the debt, and he told donors that these funds would reach $5,000 million in 2003.