Tag Archives: debt

Deputy Prime Minister Saade Shami, who is leading Lebanon’s IMF negotiation team, said Thursday that the negotiations with the IMF will become deeper in January. “We are preparing a variety of files for the negotiations,” Shami said, after meeting with President Michel Aoun. “I hope an agreement will be reached …

Lebanon is mired in an economic crisis branded by the World Bank as one of the worst in modern times, but officials are yet to strike an international bailout deal. The financial meltdown began in 2019, and Lebanon defaulted on its debt last year. Politicians have failed to enact significant reforms …

Lebanon’s Prime Minister Najib Mikati said on Tuesday that central bank Governor Riad Salameh should remain in position for now, signalling continued political backing for him despite embezzlement probes at home and abroad. “One does not change their officers during a war,” Mikati told a news conference in reference to …

Lebanese President Michel Aoun said on Friday the country needs “six to seven years” to emerge from crisis. Lebanon’s economy has been in freefall since 2019, when a mountain of debt and political gridlock drove the nation into its deepest crisis since the 1975-1990 civil war. “We need six to …

Lebanon could reach a preliminary agreement for financial support with the International Monetary Fund (IMF) between January and February, the local Al Jadeed TV said in a tweet on Sunday, citing the deputy prime minister. Saadeh Al-Shami was quoted by the broadcaster as saying a ministerial committee had agreed with …

President Michel Aoun on Tuesday told an International Monetary Fund delegation that Lebanon is “committed to devising a feasible reformist plan” and to “cooperating with IMF to approve it quickly.” Aoun also said that “the priority should be given to the social and health issues, and to confronting poverty and …

A delegation from the International Monetary Fund arrived in Lebanon on Monday and will meet Prime Minister Najib Mikati on Tuesday, the prime minister’s office said on Twitter. The delegation, led by Ernesto Ramirez, will stay for few days during which they will meet with Lebanese officials and the ministerial …

President Michel Aoun on Wednesday lamented the presence of “systematic campaigns that are based on lies and aimed at political assassination.” The President, however, stressed that he is determined to “try and make the necessary change, no matter the challenges.” “Politically, there are fabricated and normal crises, and the forensic …

Lebanon has yet to give the IMF its estimate of losses in the financial system as discussions on the issue continue, but is working hard to sign a memorandum of understanding with the Fund by year-end, governor Riad Salameh told Reuters on Tuesday. Disagreements in Lebanon over the size of …

The IMF has begun “preparatory” talks with Lebanon on a new aid package after receiving an official request from Beirut, an IMF spokesman said Thursday. That will be a welcome relief to the new government that is trying to stem an economic crisis the World Bank brands as one of …

The English-language Lebanese newspaper The Daily Star has told its staff they will all be laid off, joining a list of Lebanese media outlets that have been forced to close or scale back due to financial pressures. In a message to staff, The Daily Star management said the decision to …

Lebanon’s central bank had a $4.7 billion hole in its reserves by the end of 2015 that was not disclosed to the public, an early warning sign of the financial collapse that has since all but wiped out many people’s savings. The figure is contained in an April 2016 report …

Saudi Arabia said it is following with great concern the developing events in Sudan and stressed on the importance of restraint and a de-escalation of tensions.  The Kingdom said it was important to preserve all the political and economic gains and everything that aimed to protect the unity among all …

Lebanon’s new government aims to make progress towards starting full negotiations for an IMF deal by the end of this year or early next, but is not expecting funds to be dispersed before elections in March, a minister said on Friday. In an interview with Reuters, economy minister Amin Salam …

The United States on Thursday denounced Hezbollah’s deliveries of Iranian fuel in crisis-hit Lebanon as a public relations stunt and warned that Tehran remained under sanctions. Iran is set to deliver more fuel in the coming days to Lebanon for distribution by Hezbollah, the Shiite movement that has shown its …

The advent of digital currencies in emerging markets could spark “cryptoization” of local economies, potentially undermining exchange and capital controls and upsetting financial stability, the International Monetary Fund said on Friday. Bitcoin and its kin have in the last year soared in price and popularity, with emerging and developing market economies …

Prime Minister Najib Mikati will meet with the advisory firm Lazard soon to see how a financial recovery plan it drafted for Lebanon could be developed into a “more realistic” vision for getting the country out of its crisis, he said on Monday. Mikati also said Lebanon would be very …

Lebanon’s Prime Minister Najib Mikati said on Monday the financial recovery plan to be drawn up by his cabinet will include a fair distribution of losses suffered by the financial system. In an interview with local television LBCI, Mikati also said the rights of small depositors would be protected. “The …

French President Emmanuel Macron urged Beirut on Friday to implement urgent reform measures and push ahead with International Monetary Fund (IMF) talks, adding that France would continue to support Lebanon. Macron made his comments after meeting Lebanon’s Prime Minister Najib Mikati, who is on his first foreign trip after successfully …

Lebanese expats in the wealthy UAE, many of them riven with guilt, are scrambling to ship essential goods and medicine to family and friends in their crisis-stricken home country. “How can I sit in the comfort of my home in air-conditioning and a full fridge knowing that my people, my …

Lebanon’s new government won a vote of confidence on Monday for a policy programme that aims to remedy a devastating economic crisis, despite the parliamentary session being delayed when the lights went off due to power shortages. The programme drawn up by Prime Minister Najib Mikati’s government promises to revive …

Lebanon’s parliament began a session on Monday that is scheduled to discuss the new cabinet’s policy program and hold a vote of confidence, after a nearly one-hour delay caused by a power cut. Lebanon is battling a deep depression, with worsening fuel shortages translating into few or any hours of …

Saudi Minister of Finance Mohammed Al-Jadaan has appointed Abdullah bin Zaraa as head of the Saudi executive office at the International Monetary Fund, Argaam reported. Bin Zaraa was chief operating officer and chief executive officer of the National Debt Management Center. Saudi Arabia’s executive office is a permanent member of the …

Armed men opened fire at a gas station in the Bekaa valley on Sunday and threatened to kill the owner as Lebanon’s fuel wars continued to spiral out of control. The incident in the town of Beit Chama came amid long queues at gas stations, frequent power cuts and a …

Lebanese residents were forced to pay more than double for consumer goods in July compared with a year earlier as prices soared amid a partial lifting of fuel subsidies and a record plunge in the local currency. The latest data from Lebanon’s Central Administration of Statistics shows the consumer price …

Former Algerian President Abdelaziz Bouteflika, who fought for independence from France, reconciled his conflict-ravaged nation and was then ousted amid pro-democracy protests in 2019 after two decades in power, has died at age 84, state television announced Friday. The report on ENTV, citing a statement from the office of current President Abdelmadjid Tebboune, did not …

Lebanon’s new government raised gasoline prices on Friday, cutting a subsidy that Prime Minister Najib Mikati has said is unaffordable as he advances plans to address a devastating financial crisis. The government also signed a new contract with restructuring consultancy Alvarez & Marsal (A&M) to carry out a forensic audit …

Lebanon’s finance minister Youssef Khalil on Friday signed a new contract with restructuring consultancy Alvarez & Marsal (A&M) to carry out a forensic audit at the country’s central bank, the ministry said in a statement. A&M will give an initial report to the ministry within 12 weeks of its team …

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 …

Lebanon’s new Prime Minister Najib Mikati, who took office last week promising to revive IMF talks to unlock aid, said on Monday there was no time to lose and no easy path to tackle one of history’s worst economic meltdowns. The new government, formed after more than a year of …

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. …

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 …

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 …

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 …

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 …

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 …

 Lebanese crypto miners are in trouble. Lebanon has plunged into near total darkness because of its recent electricity shortage crisis, leaving mining machines suspended mid-way in their operations and their owners writhing over their financial losses. In the last two years, a growing number of Lebanese youths have turned to …

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 …

Lebanon’s new prime minister-desginate Najib Mikati said on Monday he would work to form a government and implement a French plan to save the country from its crippling financial crisis. “I don’t have a magic wand and can’t perform miracles… but I have studied the situation for a while and …

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 …

Syrian President Bashar al-Assad said on Saturday the main impediment to investment in the country was money stuck in ailing Lebanese banks. In a speech after being sworn in as president for a fourth term, Assad said estimates suggested the frozen funds were worth between $40 billion and $60 billion. …

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 …

Lebanese politician Saad al-Hariri abandoned his months-long effort to form a new government on Thursday, dimming the chances of a cabinet being agreed any time soon that could start rescuing the country from financial meltdown. Hariri announced his decision after meeting President Michel Aoun, saying it was clear they could not agree, …

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 …