Lebanon’s financial situation points to a likely restructuring of the country’s massive debt and financial sector to preserve declining foreign currency reserves, Fitch Ratings said Tuesday. The credit rating agency’s report comes as Lebanese officials are debating whether to pay back $1.2 billion worth of Eurobonds that mature on March ... Read More »
The Lebanese government will request “technical assistance” from the IMF to draw up a stabilisation plan to resolve the country’s financial and economic crisis, including plans to restructure public debt, a government source told Reuters today. Parliament Speaker Nabih Berri previously suggested yesterday that a decision on whether to pay ... Read More »
Lebanon’s new government won parliament’s vote of confidence on Tuesday, as 63 MPs voted in favor, 20 voted against and one MP abstained. The MPs of Hizbullah, the Free Patriotic Movement, the AMAL Movement and their allies granted confidence to Hassan Diab’s government as those of al-Mustaqbal Movement, the Progressive ... Read More »
Agenda-setting newspapers and TV stations facing scramble to survive amid state dysfunction For nearly 80 years since its postwar independence, Lebanon has been a haven for regional media, giving a platform to journalism and entertainment that few other countries in the Middle East would dare to match. Its newspapers ... Read More »
A Cabinet session to approve the final draft of the Cabinet’s policy statement is set to take place Thursday, Information Minister Manal Abdel Samad said Monday. “We are implementing short and medium-term plans, with clear and targeted goals,” Abdel Samad told reporters after the ministerial committee tasked with drafting the ... Read More »
Major banks in Lebanon began tightening banking controls this month, halving the amount of dollars depositors are allowed to withdraw every month, despite growing public anger. Faced with a dollar liquidity crunch, banks have imposed informal controls on dollar withdrawals and transfers abroad since September amid widespread anti-government protests and ... Read More »
Lebanon’s new government will look to reduce interest rates and recapitalise banks as part of a broad plan that includes taking “painful” steps to escape a deep financial crisis, according to a draft policy statement seen by Reuters. The 17-page statement, which may still be amended, will form the basis ... Read More »
Lebanon’s new prime minister said Wednesday that there were ways out of the economic and financial crisis that the country was facing after he held a number of meetings with ministers and senior World Bank officials. Prime Minister Hassan Diab headed a number of meetings in Beirut Wednesday where he ... Read More »
French President Emmanuel Macron over the weekend congratulated President Michel Aoun on the formation of a new government and reiterated his country’s support for Lebanon. Speaking over the phone to Aoun Saturday, Macron expressed his hope that the new government will work to fulfill the aspirations of the Lebanese, according ... Read More »
After around one month of consultations, Prime Minister Hassan Diab concluded the government’s line-up and visited Baabda Palace where he met with President Michel Aoun before the two men signed the formation decree. The new government is composed of 19 members in addition to the premier: 1. Prime Minister: Hassan ... Read More »
Lebanese Ministry of Information