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 »
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 »
Lebanese Ministry of Information