Tag Archives: debt

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 …

The European Union said on Monday it wanted to agree by the end of July the legal framework for a sanctions regime targeting Lebanese leaders, but cautioned that the measure would not be immediately implemented. Led by France, the EU is seeking to ramp up pressure on Lebanon’s squabbling politicians …

Lebanon’s most senior Christian cleric said on Thursday he hoped for an improvement in ties with Saudi Arabia, which has withheld support for the crisis-torn Lebanese economy because of the rising influence of its arch-enemy Hezbollah. Lebanon is battling an economic meltdown that poses the worst threat to its stability …

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 …

On June 30, the Executive Board of the International Monetary Fund (IMF) completed the second review of Jordan’s program supported by the Extended Fund Facility (EFF). The completion of the review will make SDR 144.1 million (about US$206 million) immediately available. This brings total IMF disbursements to Jordan since the …

Taha Riz has worked just three days in more than a month at his Tripoli bakery, in Lebanon’s neglected north where economic meltdown has hit hardest and plunged thousands like him into precarious poverty. The bakery, like Tripoli itself, survived earlier hardship when sectarian tensions fuelled by the war in …

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 …

Lebanon’s central bank asked the government on Thursday to provide it with a legal basis to lend it foreign currency from mandatory reserves to fund subsidised fuel imports. The statement by the bank came after a meeting with President Michel Aoun and caretaker energy minister Raymond Ghajar earlier on Thursday …

Lebanon’s energy minister said on Thursday the country’s gasoline subsidy was unsustainable and would eventually come to an end. “We have to get used to and be convinced that this subsidy that we benefited from for a year or a year and a half …. will end,” Raymond Ghajar said …

Lebanon has been running short of infant baby formula for months as the country has been dealing with a severe economic crisis. A video showing the disposal of 20 tons of the baby milk substitute has been circulating on social media and has only added to the public’s frustrations. The …

Public prosecutors in Lebanon have been instructed to crack down on the monopoly on foodstuffs and oil derivatives as political, security and diplomatic concerns grow over explosive daily protests. The spontaneous protests are also demanding access to medicine, fuel, hospitalization and electricity. The Crisis Observatory at the American University of …

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 …

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 …

France will convene a virtual meeting of countries on June 17 to drum up support for the Lebanese army as it seeks to weather an economic crisis that has put the military on the verge of collapse, France’s armed forces ministry said on Tuesday. Paris, which has led aid efforts …

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 …

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 …

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 …

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 …

Lebanon’s Maronite Patriarch Mar Bechara Boutros Al-Rahi on Sunday accused the state of colluding against its people and said the political elite was unable to form a government even “to secure medicine, a loaf of bread, electricity and fuel.” Al-Rahi, whose mediation efforts to unlock the impasse between President Michel …

Pope Francis said Sunday he would invite Lebanon’s Christian leaders to the Vatican on July 1 to reflect and pray for “peace and stability” in the stricken Middle Eastern nation. Lebanon is in the throes of a double economic and political crisis. It is experiencing its worst financial downturn since …

 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 …

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, …

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 …

Political and economic figures have expressed their opposition to dragging Lebanon into a regional conflict amid the Palestine-Israel crisis and violent clashes. The Vice President of the General Labor Confederation Hassan Fakih warned against “taking the country into total chaos that will wipe out what is left of Lebanon.” His …

Turkey’s Karpowership, which provides electricity to Lebanon from two barges, said on Friday it was shutting down supplies over payment arrears and a legal threat to its vessels as the nation grapples with a deep economic crisis. The company, which supplies 370 megawatts (MW), or about a quarter of Lebanon’s …

BEIRUT: France’s top diplomat wielded the threat of more sanctions in Beirut Friday to prevent what he described as a “collective suicide” organized by members of Lebanon’s ruling political class. Lebanon’s leaders had promised reform in the aftermath of a deadly explosion at Beirut port last year but, nine months …

-France said on Thursday it had started putting in measures to limit some Lebanese officials from entering the country on the grounds that they were blocking efforts to find a solution to the political and economic crisis. With the European Union, Paris has been working on creating a sanctions regime …

Saudi Crown Prince Mohammed bin Salman on Tuesday laid out his vision for the Kingdom’s foreign policy, with the US as a strategic partner and working with allies to find solutions to Iran’s “negative behavior.” In a 90-minute TV interview to mark the fifth anniversary of Vision 2030, the ambitious …