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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
Amendment No. 2 to Registration Statement (Form S-3 No. 333-51133) and related
Prospectus of Loral Space & Communications Ltd. for the registration of
23,000,000 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 Forms 8-K/A dated April 27, 1998 and June 17, 1998, which
Forms 8-K and 8-K/A are incorporated herein by reference.
    
 
                                          /s/ Ernst & Young LLP
 
Washington D.C.
   
June 16, 1998