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Tag Archives: debt

President Aoun hopeful for new IMF talks

Lebanon’s President Michel Aoun said on Monday he hoped the new cabinet’s policy programme would include a resumption of talks with the International Monetary Fund. Aoun’s statement came as the new government, formed on Friday, was meeting for the first time in the presidential palace. “We will face big difficulties …

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Economic emergency government agreed to in Lebanon

Lebanese President Michel Aoun announced the formation of a government on Friday afternoon, ending 13 months of caretaker governance. The agreement over a Cabinet line-up headed by telecoms billionaire Najib Mikati as prime minister, came after weeks of wrangling over the distribution of government ministries between Lebanon’s various political parties. …

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Iranian fuel oil goes to Lebanon through ally Syria

The first Iranian fuel oil cargo secured through Lebanon’s armed group Hezbollah will be delivered via Syria by truck to avoid complications related to sanctions, two sources with knowledge of the mater said on Thursday. Hezbollah, a heavily armed group founded by Iran’s Revolutionary Guards in 1982, announced last month that a shipment of Iranian fuel oil was on its way …

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Lebanon still not out of the woods, politicians says

More than 12 months since Lebanon’s cabinet resigned and with the country teetering on the brink of collapse, politicians look unlikely to form a much-needed government any time soon, sources warn. Despite one of the world’s largest-ever non-nuclear explosions killing more than 200 people, soaring hyperinflation, food insecurity and crippling …

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No more fuel subsidies, says Lebanon central bank

Lebanon’s central bank said it would offer credit lines for fuel imports based on the market price for the Lebanese pound from Thursday, effectively ending a fuel subsidy that has drained its reserves since the country descended into financial crisis. The move, announced late on Wednesday, means fuel prices will …

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Maronite patriarch angry over Hezbollah rockets, defended by President

Michel Aoun

President Michel Aoun on Tuesday condemned criticism of Lebanon’s Christian Maronite patriarch after he expressed opposition to the Iran-backed Shi’ite group Hezbollah, warning that insults must be avoided to safeguard national unity. Following a cross-border salvo between Israel and Hezbollah, Patriarch Bechara Boutros Al-Rai was sharply critical of Hezbollah on …

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Lebanese killed in fuel fights

Three Lebanese men died in altercations on Monday related to scarce fuel supplies, an army statement and security source said, as the country reels from a long-running economic crisis. Lebanon’s currency has lost more than 90% of its value in less than two years, causing shortages of fuel, electricity and …

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Lebanon can no longer take care of its bears

Two endangered bears who were living in poor conditions in a Lebanon zoo have been flown to an animal sanctuary in the US after they started to lose weight and suffered from other health issues. Rights association Animals Lebanon said it managed to persuade their owner that “the bears deserved …

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Najib Mikati slotted to be new Lebanese PM

Lebanon’s wealthy businessman and former premier Najib Mikati is poised to be designated prime minister on Monday after winning the support of most major parties to form a new government facing a crippling financial crisis, political sources said. Earlier, a club of former Lebanese Sunni prime ministers said on Sunday …

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Macron to host new Lebanon conference in August

French President Emmanuel Macron will host a new international conference on Lebanon next month on the first anniversary of the Beirut port explosion, after premier-designate Saad Hariri gave up trying to form a government, the foreign ministry announced Friday. Macron will organize the conference on August 4 with the help …

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Hariri hands list proposed cabinet to Lebanese president

Lebanon’s prime minister-designate Saad Al-Hariri said on Wednesday he had presented a cabinet proposal to President Michel Aoun and is awaiting his response on Thursday, in a move that could end almost nine months of political deadlock amid an economic collapse. “Now is the moment of truth,” Hariri, who has …

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Diab warns Lebanon on brink of social explosion

Diab, who has been heading a cabinet in a caretaker capacity for more than 10 months, said any government would need the support of “friendly nations to save the country from the predicament it currently finds itself in.” Lebanon has been without a fully functioning government since Diab resigned in …

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Hezbollah says Lebanon ready for Iran fuel imports

Lebanon’s Hezbollah chief Sayyed Hassan Nasrallah on Friday repeated pledges to import Iranian fuel should shortages across the country persist, saying that all logistical steps for that possibility were complete. Nasrallah, who heads the Iranian-backed armed Lebanese group, said earlier in June Iran could supply fuel to Lebanon in local …

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Sunni leadership continue to back Hariri as PM

The Supreme Islamic Sharia Council, which represents the Sunni community and its leaders in Lebanon, has renewed its support for Saad Hariri, the prime minister-designate, amid an escalating dispute over the failure to form a government in the country. After a lengthy meeting on Saturday, in which Hariri participated, the …

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Nasrallah wants Iranian oil to solve fuel crisis

In a speech seen as an act of defiance against the Lebanese state and the US, Hezbollah leader Hassan Nasrallah on Wednesday insisted that Lebanon should be “negotiating with Iran to buy gasoline and diesel with the Lebanese currency if Lebanon’s shortages persist.” Seemingly unconcerned about the possibility that this …

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$200 million loan to fight power shortages in Lebanon

Michel Aoun

Lebanon’s President Michel Aoun approved an exceptional loan of up to 300 billion Lebanese pounds ($200 million) on Monday for the state electricity company to import fuel for generation before supplies run out, an official statement said. Lebanon is mired in a financial crisis, caused by a mountain of debt built …

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Lebanese central banker falls under French eye

France has opened a probe into the personal wealth of Riad Salameh, central bank chief in crisis-hit Lebanon, sources told AFP Sunday. Paris financial prosecutors have opened a preliminary probe into criminal association and money laundering by Salameh, a source close to the investigation and a judicial source said, following …

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Lebanese now allowed to withdraw $800, a month

Lebanon’s central bank yesterday said depositors with accounts active as of October 2019 would be able to withdraw up to $400 a month plus the equivalent amount in local currency, marking a significant concession after a chaotic two days in Lebanese banking. Lebanese banks had locked depositors out of their …

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Lebanese army on national crisis footing

Lebanon’s army carried out large-scale military exercises on Monday to test its readiness to deal with a nationwide crisis. The “Lebanon Wide” exercise included units from the army, the Internal Security Forces, General Security, State Security, the General Directorate of Customs, the General Directorate of Civil Defense, the Lebanese Red …

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Lebanon running out of money for medical reserves

 Lebanon’s central bank said on Thursday that a system for importing subsidised medical goods could not be sustained without using its mandatory reserves and asked the relevant authorities to find a solution to the problem. Lebanon, which in the throes of a financial crisis that is threatening its stability, has …

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Lebanese crisis forces Pizza hut to shut down

Pizza Hut is closing in Lebanon as the fast food chain succumbs to the country’s deepening economic crisis. The family food favorite posted a notice on social media thanking its customers for their support and asking them to “hold on to these memories until we make new ones.” Rocketing inflation, …

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Hariri in stand-off with president over new cabinet

Lebanon’s prime minister-designate Saad Hariri said on Saturday he will not form a cabinet that simply caters to President Michel Aoun’s wishes. “I will not form a government as the team of his Excellency the President wants it, nor any other political faction. I will only form the kind of …

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