Israeli media had earlier reported that Tel Aviv will provide gas to Lebanon from the offshore Leviathan field through Jordan under an agreement with the United States.
Talks with the International Monetary Fund resumed in September this year but Lebanese officials have yet to submit a comprehensive recovery plan.
Severe fuel shortages and power cuts have forced many hospitals in Lebanon to scale back operations. Some $4 million of the total is for water stations and facilities that serve more than two-thirds of the country’s population.
But the militant group's opponents have warned that the move can invite US sanctions on a country that's already reeling under an economic crisis.
Lebanon is currently experiencing a severe fuel shortage and the past week has seen multiple incidents of tankers being hijacked. Hospitals have warned that they are low on fuel and may be forced to shut down.
The bank said while it had spent more than $800 million on fuel in the last month and the bill for medicines had multiplied, those goods were still absent from the open market and were being sold at prices that exceed their value.
The bloc said it is ready to impose sanctions on Lebanon's ruling elite, including a travel ban and asset freeze, for obstructing the process of forming a functioning government.
Lawmakers have tasked ex-premier and billionaire tycoon with forming a government and ending a year of political deadlock that has further crippled the economy.
The deal comes as Lebanon, which is in the throes of an economic meltdown threatening its stability, has all but run down in foreign reserves and faces a growing shortage of fuel, medicine and other basic goods.
Lebanon’s economic and financial crisis has unfolded since late 2019, crippling the import-dependent nation and leaving residents struggling to find fuel, medicines and basic supplies.
The price of the staple food item has more than doubled since May last year, as the country grapples with an unrelenting economic and political crisis that predates the coronavirus pandemic.
The economic and financial crisis roiling Lebanon is the gravest threat to its stability since the 15-year civil war ended in 1990.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2022 TRT World.