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Tag Archives: debt

Lebanese ignore Lebanon woes mobilise for Nagorno-Karabakh war

When Lebanon’s financial crisis pushed Vartkes to leave for Armenia this summer, he never imagined he would volunteer to fight in Nagorno-Karabakh. The young Lebanese-Armenian didn’t think twice, however, when the conflict between Azerbaijani and ethnic Armenian forces erupted soon after his move. “I wanted to go that night,” Vartkes, …

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Saad Al-Hariri reiterates call for French roadmap

Lebanon’s leading Sunni Muslim politician, former Prime Minister Saad al-Hariri, called for the restoration of a French plan to lift the nation out of its worst financial crisis since its 1975-1990 civil war. Former colonial power France, which has led foreign aid efforts, has tried to rally Lebanese leaders to …

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Ex-PM Hariri wants French intervention

Lebanon’s leading Sunni Muslim politician, former premier Saad al-Hariri, called for the restoration of a French plan to lift the nation out of its worst financial crisis since its 1975-1990 civil war. Former colonial power France, which has led foreign aid efforts, has tried to rally have Lebanese leaders to …

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Fresh protests for Netanyahu to quit

About 2,000 Israelis rallied outside Prime Minister Benjamin Netanyahu’s residence in Jerusalem on Tuesday as protests mounted against him over his handling of a worsening coronavirus crisis and alleged corruption. Wearing protective masks, the demonstrators marched from Netanyahu’s official residence to Israel’s parliament, holding up signs that read “Crime Minister” …

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Sudan okays alcohol, and bans FMG

Sudan will permit non-Muslims to consume alcohol and strengthen women’s rights, including banning female genital mutilation (FGM), its justice minister said late on Saturday, in a reversal of almost four decades of hardline Islamist policies. About 3% of Sudan’s population is non-Muslim, according to the United Nations. Alcoholic drinks have …

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Top ministers booted out of Sudanese cabinet

Sudan’s prime minister replaced the finance, foreign, energy and health ministers and three other senior cabinet post-holders on Thursday as part of a sweeping reshuffle, the government said. Authorities had said a reshuffle was coming, but few had expected the exit of Ibrahim al-Badawi, who as finance minister led efforts …

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Financial deadlock threatens EU corona response

European Union finance ministers failed to agree in all-night talks on more support for their coronavirus-hit economies and their chairman said on Wednesday morning he was suspending the discussions until Thursday. Diplomatic sources and officials said a feud between Italy and the Netherlands over what conditions should be attached to …

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Hezbollah okay with IMF loan, but with conditions

Hezbollah does not oppose foreign aid to Lebanon, even from the International Monetary Fund, as long as the help does not impose conditions that harm the national interest, its leader said on Friday. In a televised speech, Sayyed Hassan Nasrallah said his Shi’ite movement, which backs the government, refused conditions …

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Lebanon formally declares its readiness for default

Lebanon announced it cannot meet its debt payments and halted a March 9 bond payment of $1.2 billion on Saturday, setting the heavily indebted state on course for a sovereign default as it grapples with a major financial crisis. In a televised address to the nation, Prime Minister Hassan Diab …

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Bond holders try to rescue Lebanon

A set of Lebanon’s bond holders are to step up efforts to form a creditor group in the coming days after the country’s presidency signaled on Saturday it would default, one of the members of the group said. The move from Lebanon will come just two days before a $1.2 …

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Oman deficit not a barrier to Fitch rating

Oman’s bond investors gained some respite this week as Fitch affirmed its rating for the indebted country and the government published encouraging deficit figures, potentially paving the way for the Gulf oil producer’s next debt sale. Rated junk by all three major rating agencies, Oman has relied heavily on borrowing …

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Greeks still waiting for Godot despite end to bailouts

After years of stinging austerity measures, Greece emerged on Monday from its third and last bailout, although officials warn the country still has a “long way to go”. The European Union, the European Central Bank and the International Monetary Fund (IMF) loaned debt-wracked Greece a total of €289 billion ($330 …

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Egypt, IMF reach agreement on $2b loan instalment

Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said in a statement on Friday. The payment, which is still subject to IMF executive board approval, will bring total disbursements under …

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