A drillship anchored off Lebanon Tuesday to explore for oil and gas, an energy firm and the government said, raising hopes for a future boost to the country’s crumbling economy. Information Minister Manal Abdel Samad said the first ever such exploration would start within 48 hours. The Tungsten Explorer was ... Read More »
Lebanon on Tuesday took another step to try and deal with a massive debt that stands at more than $87 billion or more than 150% of the GDP. Manal Abdul Samad, the information minister, said the government has agreed to appoint Cleary Gottlieb Steen & Hamilton LLP as a legal ... Read More »
Investors holding Lebanese bonds are expecting the worst, as years of financial mismanagement may well push the country to default on its debt for the first time in its history. International Monetary Fund officials have been called in to help find a solution to manage Lebanon’s overwhelming debt — some ... Read More »
An International Monetary Fund delegation wraps up Sunday a three-day visit to Lebanon during which it met with senior political and financial officials. “The delegation stressed that the starting point for the solutions should be reforms, topped by the electricity file,” media reports said. “The delegation also asked Lebanese officials ... Read More »
The International Monetary Fund (IMF) will continue meetings with Lebanese authorities on Monday, sources familiar with the process said, extending a visit to provide technical advice that was expected to end on Sunday. The IMF began meetings with Lebanese authorities on Feb. 20 to provide broad technical advice on how ... Read More »
Minister of Information, Manal Abdel Samad Najd, and Minister of Public Health, Hamad Hassan, held a work meeting and joint press conference at the Ministry of Information on Saturday afternoon, to shed light on the Coronavirus issue and the necessary and responsible awareness needed in this regard. Attending the meeting ... Read More »
France is ready to support Lebanon financially, bilaterally or multilaterally, its finance minister said on Sunday according to a Reuters report, warning against mixing economic recovery in the small Mediterranean state with US-led efforts to counter Iran in the region. “France always stands ready to help Lebanon. It has always ... Read More »
Lebanon confirmed its first coronavirus case on Friday, a 45-year-old woman who had arrived from Iran and was being quarantined in a Beirut hospital. Two other suspected cases were being followed and authorities were taking all necessary precautions in line with recommendations of the World Health Organization, Health Minister Hamad ... Read More »
Lebanese President Michel Aoun today said that measures would be taken to hold accountable all those who contributed to the country’s financial crisis through illegal actions by transferring money abroad or manipulating bonds in foreign currencies. “There is information that we are still in need of with regards to the ... Read More »
A delegation from the World Bank’s private lending arm met Tuesday with Prime Minister Hassan Diab, as the debt-ridden country seeks assistance to rescue its moribund economy. The meeting tackled the possibility of “launching joint cooperation projects between the public and private sectors and the issue of developing the transportation ... Read More »
Lebanese Ministry of Information