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Tag Archives: debt

Lebanon on verge of IMF loan

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 …

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IMF agreement with Lebanon lotted to early next year

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 …

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IMF delegation meets with Mikati

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 …

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Sudan coup of supreme concern to Saudi

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 …

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Progress with IMF talks, say Lebanese

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 …

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US says Hezbollah fuel import a PR stunt

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 …

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IMF warns of dangers of crypto-currencies

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 …

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Macron wants Lebanon to stick to IMF requirements

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 …

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Lebanese abroad send aid to homeland

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 …

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Lebanese cabinet succeeds in attaining confidence vote

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 …

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IMF gets new Saudi executive officer

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 …

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Prices sore as Lebanese lira plummets

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 …

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BREAKING NEWS – Algeria’s Bouteflika dies at 84

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 …

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More fuel prices hikes says new Lebanon government

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 …

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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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