Tag: Financial Crisis

Lebanon hit with new pine forest fire

Rescue teams scrambled to douse a massive blaze in Lebanon's largest pine forest on Wednesday that authorities said could be deliberate, as the country braced for another summer of fires. The fire in the northern Dinniyeh region broke out on Tuesday night, prompting the army and volunteer firefighters to intervene to try to salvage one […]

World Bank extends partnership scheme for Lebanon by only one more year

The World Bank has extended its Country Partnership Framework (CPF) with Lebanon by one additional year "to advance urgently needed socioeconomic recovery programs targeting the poor and most vulnerable and support urgently needed macroeconomic and structural reforms." In a statement, the world Bank said it has restructured and reprogramed its portfolio by cancelling underperforming projects […]

BREAKING NEWS - Nasrallah makes firey speech defending resistance weapons

Hizbullah chief Sayyed Hassan Nasrallah on Wednesday cautioned rivals anew that their top concern should be the country’s economic and financial collapse, not his group’s controversial arsenal of weapons. “Since 1982, Hizbullah and the resistance have never been stronger -- militarily, politically and popularly… Do not err in evaluation and interpretation nor in taking the […]

Lebanese banks to shut down in Cyprus, no explanation given

Nine Lebanese banks are shutting down their operations on the Mediterranean island of Cyprus, a representative of the Cyprus Central Bank said on Tuesday. The banks will close their branches on the island within a period of time that will allow them to wind down operations in an orderly fashion, said the representative, who spoke […]

UN report accuses Lebanese central bank of human rights violations

Lebanon's government and its central bank have committed human rights violations by impoverishing people through the "callous destruction" of the country's economy, an independent United Nations report said on Wednesday. Lebanon's economic implosion has seen the local currency lose more than 90% of its value, food prices rise 11-fold and more than three-quarters of the […]

IMF still willing to help Lebanon, in exchange for reforms

The International Monetary Fund (IMF) is willing to help Lebanon overcome its severe crisis, said IMF Managing Director Kristalina Georgieva, emphasising the importance of implementing reforms in a timely manner. "Timely implementation of agreed-upon reforms is vital to obtaining the much-needed funding from the international community," Georgieva said, according to a statement released by Lebanon's […]

President Aoun says parties exploiting exchange rate in dire times

Lebanese President Michel Aoun on Wednesday reiterated the accusation that some parties are “manipulating the dollar exchange rate,” which has been fluctuating in recent days. “Some are manipulating the financial issues and the dollar exchange rate, which is negatively reflecting on citizens, amid reports by local and international experts indicating the presence of sides seeking […]

Grand Mufti defends Lebanese champions rights of depositors

Grand Mufti Sheikh Abdul Latif Daryan on Wednesday called for “preserving people’s deposits and savings,” stressing that “the solutions for the financial and economic crisis should not be at the expense of depositors and their lifelong savings.” The solutions “should be at the expense of those who plunged the country into the current deterioration at […]

IMF agrees to give Lebanon $3 billion

The IMF announced Thursday that after months of negotiations it reached a staff-level agreement to provide Lebanon with $3 billion in aid to help it emerge from a severe economic crisis. The country has been battered by triple digit inflation, soaring poverty rates, and the collapse of its currency since a 2020 debt default, and […]

Mikati meeting possible replacements to central bank chief

Prime Minister Najib Miqati met in the past days with a number of potential candidates for replacing embattled Central Bank Governor Riad Salameh, who is facing a host of lawsuits inside and outside Lebanon, a media report said on Friday. The latest European measures against Salameh and some associates are what pushed Miqati to consider […]

Amal, Hezbollah object to capital controls, amendments passed

Cabinet on Wednesday approved the capital control draft law after introducing amendments to it based on the observations of some ministers. The ministers of Hizbullah and Amal meanwhile objected to the final format of the draft law in terms of the powers of the committee that will look into withdrawal requests, NBN television said. Below […]

Riad Salameh lets Lebanese civil servants withdraw their salaries

Central Bank Governor Riad Salameh issued Monday a decree that allows public sector workers to withdraw their entire salaries from the banks, with no restrictions. The statement said that all banks must secure the needed liquidity to allow public sector workers to withdraw their entire monthly salaries, additional compensations, social assistance, and payments from their […]

Mikati looking forward to swift IMF deal

Talks between the Lebanese government and the International Monetary Fund over an economic recovery plan should make progress in the next two weeks, Prime Minister Najib Miqati said Saturday. Speaking to reporters in Qatar, where he is attending the Doha Forum, Miqati said an IMF delegation will resume talks with the government in Beirut on […]

Cabinet in crisis as Lebanese banks stage two-day strike

The Association of Banks in Lebanon confirmed Friday evening that all Lebanese banks will stage a two-day strike on Monday and Tuesday in protest at the latest judicial measures against the country's biggest banks. "This is a first step aimed at cautioning and raising awareness about the dangerousness of the current situations," ABL said in […]

Judge Aoun goes after central bank chief's brother

Mount Lebanon Prosecutor Judge Ghada Aoun on Thursday ordered the detention of the businessman Raja Salameh, the brother of Central Bank Governor Riad Salameh, after questioning him for several hours. "Raja Salameh was detained during his interrogation at the Justice Palace and Central Bank Governor Riad Salameh will be summoned," the lawyers of the People […]

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