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Tag Archives: Financial Crisis

Free Patriotic Movement in Lebanon defends president Aoun

Michel Aoun

Lebanon’s largest Christian bloc, the Free Patriotic Movement (FPM), warned prime minister-designate Saad al-Hariri on Saturday against sidelining President Michel Aoun and other parliamentary interests in talks over forming a cabinet. Hariri and Aoun have been at loggerheads over the cabinet for months, dashing hopes of a reversal of Lebanon’s …

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Saad Al-Hariri says Lebanon on verge of collapse without his cabinet

Lebanon’s Prime Minister-designate Saad al-Hariri said on Thursday after a meeting with President Michel Aoun that forming a government that could re-engage with the IMF was the only way to halt the country’s financial collapse. The meeting took place after a heated exchange on Wednesday night between the two politicians, …

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France plans further measures against Lebanon, sources say

France and its international partners will seek to increase pressure on Lebanon’s politicians in the coming months, a French diplomat said on Wednesday, although he did not envisage sanctions against individuals in the immediate term. Paris has spearheaded international efforts to rescue the former French protectorate from its deepest crisis …

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Thousands occupy Beirut in latest protest

Thousands marched in central Beirut on Friday demanding a new independent government to lift Lebanon out of its deepening crisis as frustration over the country’s financial meltdown grew. Lebanon’s economic crisis is posing the biggest threat to its stability since the 1975-1990 civil war. Erupting in late 2019, it has …

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Army refuses to put down Lebanese protesters

Lebanon’s president told the army and security forces on Monday to clear roadblocks after a week of protests over a collapsing economy and paralysed government, but the army chief warned that troops should not get sucked into the political deadlock. President Michel Aoun issued the call to open up the …

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PM Diab condemns sudden eruption of violence in Tripoli

Lebanon’s caretaker prime minister on Friday condemned overnight violence in the city of Tripoli, where protesters angry over a strict lockdown clashed with security forces and set the municipality building on fire. Thursday was the fourth straight night of unrest in one of Lebanon’s poorest cities, after the government imposed …

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Oil-rich Iraq in dire need of IMF funds

Iraq has requested emergency assistance from the International Monetary Fund and talks are ongoing between the parties, the IMF said late on Sunday. Iraqi Finance Minister Ali Allawi told Bloomberg News earlier that Iraq was in talks with the IMF for a $6 billion loan package. “The Iraqi authorities have …

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Rafik Al-Hariri’s son lashes out at Hezbollah

Bahaa Hariri, the eldest son of slain Lebanese statesman Rafik Hariri, is calling for a broad alliance — a “supermajority” — to coalesce around a plan to agree on the way forward for Lebanon as it faces multiple crises. Such an alliance is needed to implement the unfinished business of …

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New dispute between Auon, Hariri threatens everything

The rift between President Michel Aoun and Prime Minister-designate Saad Hariri over the formation of Lebanon’s new government widened on Friday. Hariri was instructed to form a new government on Oct. 22, but no progress has yet been made, leaving the country in a political deadlock to add to its …

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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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Hariri back in the driver’s seat as PM

Lebanese veteran politician Saad al-Hariri was named prime minister for a fourth time on Thursday and pledged to form a new government that can tackle the country’s worst crisis since its 1975-1990 civil war. After his nomination, Hariri said he would quickly form a cabinet of specialists “with a mission …

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Michael Aoun promises he will pick Lebanese PM

Michel Aoun

Lebanon’s President Michel Aoun said on Wednesday he would fulfill his duty in designating a prime minister but put the onus on the new premier to launch moves to pull the country from financial crisis. Sunni leader Saad al-Hariri is poised to be named prime minister at formal consultations on …

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New government postponed in Lebanon again

Lebanon’s President Michel Aoun has postponed by a week consultations aimed at choosing a prime minister to form a new government to tackle the country’s worst economic crisis since its 1975-1990 civil war, the presidency said on Wednesday. Aoun had been due to hold the consultations on Thursday and was …

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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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Lebanese president warns country is heading to hell

Michel Aoun

President Michel Aoun warned on Monday Lebanon was going “to hell” if a new government could not be formed but agreeing one might take a miracle after positions had hardened between rival factions. His comments in a televised address underlined the severe difficulties facing French efforts to lift Lebanon out …

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BREAKING NEWS – Adib now formally PM, outlines terms to IMF

Lebanese Prime Minister-designate Mustapha Adib called for the formation of a new government in record time and the immediate implementation of reforms as an entry point for an agreement with the International Monetary Fund. “The opportunity for our country is small,” Adib said after he was formally designated by President …

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Nasrallah willing to negotiate new political order in Lebanon

Hezbollah leader Sayyed Hassan Nasrallah said on Sunday the powerful Shi’ite movement was open to discussing a new political order in Lebanon if all factions agree to it, as foreign donors press for deep reforms to tackle the country’s multiple crises. The presidency has called for parliamentary consultations on Monday …

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Lebanon enters new crisis as COVID figures surge

Lebanon must shut down for two weeks after a surge in coronavirus infections, the caretaker health minister said on Monday, as the country reels from the massive Beirut port blast. “We declare today a state of general alert and we need a brave decision to close (the country) for two …

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Walid Jumbulat says Lebanon needs new PM

Lebanon needs a new prime minister to help it exit a deep economic and financial crisis, one of the country’s leading politicians said in an interview published on Wednesday. Veteran Druze power broker Walid Jumblatt said replacing Hassan Diab “should seriously be considered because he has amnesia,” according to comments …

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Lebanon fixing exchange rate to help imports

The Lebanese central bank will provide foreign currency at a fixed exchange rate of 3,900 Lebanese pounds per dollar for importers and manufacturers of essential food items, it said on Monday. The central bank “will secure the necessary amounts in foreign currency to meet the needs of importers and manufacturers …

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