Tag Archives: Financial Crisis

Mount Lebanon’s prosecutor Judge Ghada Aoun said Thursday in a statement that Central Bank Governor Riad Salameh is not only prosecuted abroad, but also in Lebanon. According to Aoun, there are two lawsuits against Salameh. The governor’s first offense is “interfering in currency speculation along with a bank,” Aoun said. …

Lebanon’s Prime Minister Najib Mikati said on Tuesday that central bank Governor Riad Salameh should remain in position for now, signalling continued political backing for him despite embezzlement probes at home and abroad. “One does not change their officers during a war,” Mikati told a news conference in reference to …

A British court ruled on Friday in favour of a Lebanese bank in a case brought by a depositor barred from transferring funds abroad because of capital controls in place since Lebanon’s financial system collapsed in 2019. The court ruled that BLOM Bank could be considered to have discharged its …

President Michel Aoun on Tuesday told an International Monetary Fund delegation that Lebanon is “committed to devising a feasible reformist plan” and to “cooperating with IMF to approve it quickly.” Aoun also said that “the priority should be given to the social and health issues, and to confronting poverty and …

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 …

Central Bank Governor Riad Salameh on Friday met with Prime Minister Najib Miqati and said he handed him “a report prepared by the BDO, Semaan, Gholam & Co auditing company.” “The report was prepared at my request and it includes an auditing of my personal bank accounts and the accounts …

Central Bank Governor Riad Salameh said Wednesday that he has asked a renowned audit firm to audit the transactions and investments that were subject to media “campaigns” against him. Salameh said in a statement that the results of the audit firm invalidated “false information” that he has used public funds …

Head of the Free Patriotic Movement Jebran Bassil asked Monday why Central Bank Governor Riad Salameh hasn’t been prosecuted in Lebanon yet. “Is it acceptable for Salameh to be prosecuted and interrogated in many European countries but not in Lebanon?” Bassil questioned in a tweet. “He is the person most …

Luxembourg judicial authorities have opened “a criminal case” in relation to Lebanese Central Bank Governor Riad Salameh and his companies and assets, a judicial spokesperson in the small European Union country said on Monday. The spokesperson, who disclosed the inquiry in an email to Reuters, gave no further details on …

Lebanese health officials have launched an investigation after video images reportedly filmed by a doctor showed emaciated patients tied to filthy beds in a city healthcare center. The footage documented by the Wataawanou Association charity, sparked public outrage when broadcast on news channels on Friday. It highlighted poor conditions in …

The IMF has begun “preparatory” talks with Lebanon on a new aid package after receiving an official request from Beirut, an IMF spokesman said Thursday. That will be a welcome relief to the new government that is trying to stem an economic crisis the World Bank brands as one of …

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 …

Lebanon’s presidency said parliamentary consultations to choose a new prime minister will begin on July 26, in another attempt to push Lebanon’s fractious political class to form a government to rescue the country from financial meltdown. Lebanon has been run by a caretaker administration for nearly a year, while its …

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 …

The United States said Thursday’s resignation of Saad Hariri as Lebanon’s prime minister-designate was disappointing.“It is critical that a government committed and able to implement priority reforms be formed now,” Secretary of State Antony Blinken said after Hariri abandoned his efforts to form a government nine months after accepting the …

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 …

Qatar will provide the Lebanese armed forces with 70 tonnes of food a month, the Qatari state news agency QNA reported, as Lebanon seeks assistance amid its worst economic and political crisis since a 1975-1990 civil war. Lebanon’s army chief Joseph Aoun had appealed to world powers at meeting in France last …

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 …

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 …

Josep Borrell, the high representative of the EU for foreign affairs and security policy, has criticized Lebanese officials and conveyed a “severe” message for “not forming the government after nine months of the resignation of Hassan Diab’s government and nomination of Saad Hariri as prime minister-designate.” Borrell, who is also …

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, …

-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 …

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 …

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, …

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 …

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 …

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 …

Lebanese Central Bank Governor Riad Salameh announced on Friday that he will be taking legal action against Bloomberg after it published an article claiming that the US is considering sanctioning him, a move the US State Department denies. “We have seen reports about possible sanctions of Riad Salameh. They are …

he World Bank threatened to suspend financing for Lebanon’s COVID-19 vaccination drive in its second week after it emerged that some lawmakers would get their shots in parliament on Tuesday. The comments from the World Bank came as frustration grew among some residents and doctors that vaccinations were moving slowly …

Abu Dhabi ruler Mohamed bin Zayed Al-Nahyan affirmed the UAE’s support for the Lebanese people during a meeting with Lebanon’s Prime Minister-designate Saad Al-Hariri. The Abu Dhabi ruler said that the UAE supported the ambitions of the Lebanese people for “unity, stability and development,” state news agency WAM reported. During …

As Lebanon’s unprecedented economic downfall continues, catalyzed by a medical crisis and mass anti-corruption protests, the country’s tweeters took to social media to showcase the vast wealth of the politicians that are meant to serve them. # Photos of the country’s political leaders wearing luxury watches worth thousands of dollars …

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 …

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 …

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 …

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 …

The leader of Lebanon’s biggest Christian political party on Sunday ruled out joining a new government led by Prime Minister-designate Saad al-Hariri, a new hurdle for efforts to pull the country out of political paralysis. Politicians have been at loggerheads over the shape of a new administration since the last …

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, …

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 …

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 …

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 …

Israel’s finance minister promised on Sunday the long awaited 2021 state budget would be ready in December amid accusations the government was dragging its heels for political reasons and after a third senior economic official quit in three months. Failure to pass last year’s budget was a big factor in …

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 …

Lebanon’s caretaker Prime Minister Hassan Diab said on Friday any step to lift subsidies now on vital goods would be unacceptable and would cause a “social explosion”. In a televised address, Diab, who resigned two months ago after a huge explosion damaged much of Beirut and worsened the country’s economic …

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 …