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                                                                    EXHIBIT 23.2
 
                          CONSENT OF ERNST & YOUNG LLP
 
     We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3 No. 333-xxxxx) and related Prospectus of Loral
Space & Communications Ltd. for the registration of 18,400,000 shares of its
common stock and to the incorporation by reference therein of our report dated
February 20, 1998, with respect to the consolidated financial statements of
Orion Network Systems, Inc. included in its Annual Report on Form 10-K for the
year ended December 31, 1997, incorporated by reference in the Form 8-K of Loral
Space & Communications Ltd. dated March 20, 1998, as amended by Form 8-K/A dated
April 27, 1998, which Forms 8-K and 8-K/A are incorporated herein by reference.
 
                                          /s/ Ernst & Young LLP
 
Washington D.C.
April 27, 1998