Lebanese premier expects draft deal with IMF within weeks
3 years, 3 months ago

Lebanese premier expects draft deal with IMF within weeks

Associated Press  

BEIRUT — Lebanon’s prime minister said Tuesday that his government’s talks with the International Monetary Fund are inching closer to a “final formula” for a draft on an agreement before the end of February. Salameh, 71, once praised as the guardian of Lebanon’s financial stability, has drawn scrutiny and much criticism since the small country’s economic meltdown began two years ago. Deep disagreements had divided the Lebanese delegation during last year’s negotiations with the IMF, with the government on one side and the central bank and local lenders on the other. The Lebanese government has not been able to meet since mid-October, after the militant Hezbollah group demanded the removal of the lead judge investigating the massive explosion at the Beirut port last year.

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History of this topic

Lebanon names new government after two-year caretaker cabinet
1 month, 3 weeks ago

Lebanon names new government after two-year caretaker cabinet

Al Jazeera  

Lebanon’s President Joseph Aoun has announced the formation of a new government after more than two years of an interim cabinet amid political wrangling and a major economic collapse. The presidency said on Saturday it accepted the resignation of the caretaker government and appointed Prime Minister Nawaf Salam‘s new cabinet of 24 ministers, the country’s first full-fledged government since 2022. …

After economic meltdown and war with Israel, Lebanon’s new prime minister vows to rebuild
2 months, 2 weeks ago

After economic meltdown and war with Israel, Lebanon’s new prime minister vows to rebuild

Associated Press  

BEIRUT — Lebanon’s prime minister-designate vowed Tuesday to work on building a modern state in the crisis-hit country, saying his priorities will be to rebuild the destruction caused by a yearlong war with Israel and work on pulling the small nation out of its historic economic meltdown. Nawaf Salam spoke after meeting with Lebanon’s new President Joseph Aoun, who himself …

"Reaching out to all sides to save country," says Lebanon's new PM Salam
2 months, 2 weeks ago

"Reaching out to all sides to save country," says Lebanon's new PM Salam

New Indian Express  

BEIRUT: Lebanon's new Prime Minister Nawaf Salam said Tuesday that he was reaching out to all political persuasions to help "rescue" his crisis-hit country ahead of talks aimed at forming a government. The new government will also need to oversee the implementation of a fragile ceasefire, as well as reconstruction, after a war between Israel and Shiite militant group Hezbollah …

Poverty in Lebanon more than tripled in past decade: World Bank
10 months, 1 week ago

Poverty in Lebanon more than tripled in past decade: World Bank

Al Jazeera  

Poverty in Lebanon has more than tripled over the past 10 years, with the overall proportion of the country’s population living below the poverty line soaring to 44 percent, according to the World Bank. The bank’s report, released on Thursday, was conducted in five of the country’s eight governorates, showing that poverty rose from 12 percent in 2012 to 44 …

‘It’s scary’: Israel war fears batter Lebanon’s struggling economy
1 year, 5 months ago

‘It’s scary’: Israel war fears batter Lebanon’s struggling economy

Al Jazeera  

Cafes have seen an 80 percent drop in footfall; tourism is down sharply and airlines are cutting flights. “We’ve seen a very significant drop in customers, more than 50 percent,” Adada said. Lebanon at risk of food security ‘disaster’ Lebanon’s current reserves of food, fuel and medicine are only enough for a worrying two to three months, the minister said, …

IMF warns Lebanon that the country is still facing enormous challenges, years after a meltdown began
1 year, 6 months ago

IMF warns Lebanon that the country is still facing enormous challenges, years after a meltdown began

Associated Press  

BEIRUT — Four years after Lebanon’s historic meltdown began, the small nation is still facing “enormous economic challenges,” with a collapsed banking sector, eroding public services, deteriorating infrastructure and worsening poverty, the International Monetary Fund warned Friday. In a statement issued at the end of a four-day visit by an IMF delegation to the crisis-hit country, the international agency welcomed …

Lebanon’s interim central bank chief vows not to lend money to government, calls for economic reform
1 year, 7 months ago

Lebanon’s interim central bank chief vows not to lend money to government, calls for economic reform

Associated Press  

BEIRUT — Lebanon’s interim central bank governor called on the country’s ruling class Friday to quickly implement economic and financial reforms warning that the central bank won’t offer loans to the state and does not plan on printing money to cover the huge budget deficit to avoid worsening inflation. Since taking office, Mansouri has been urging the government to pass …

Four years into crisis, Lebanon’s leaders hope tourism boom will help bypass reforms in IMF bailout
1 year, 7 months ago

Four years into crisis, Lebanon’s leaders hope tourism boom will help bypass reforms in IMF bailout

Associated Press  

BEIRUT — Four years into its historic economic meltdown, Lebanon’s political elites, masters at survival, are pushing for a recovery that would sidestep tough reforms demanded by the International Monetary Fund. Economic experts and former officials involved in designing Lebanon’s original IMF-approved recovery plan in 2020 say the political leadership and associates in the banking sector are deliberately implementing a …

IMF says that without reforms, Lebanon faces ballooning inflation and public debt
1 year, 9 months ago

IMF says that without reforms, Lebanon faces ballooning inflation and public debt

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Without reforms, Lebanon will continue …

IMF says that without reforms, Lebanon faces ballooning inflation and public debt
1 year, 9 months ago

IMF says that without reforms, Lebanon faces ballooning inflation and public debt

Associated Press  

BEIRUT — Without reforms, Lebanon will continue to see triple-digit inflation, and public debt in the small, crisis-ridden country could reach nearly 550% of GDP by 2027, the International Monetary Fund warned in a report Thursday. Since the country fell into an economic crisis in 2019, the country’s “GDP has declined by about 40 percent, the has lost 98 percent …

Judiciary confiscates passports of Lebanon's central bank chief after French arrest warrant
1 year, 10 months ago

Judiciary confiscates passports of Lebanon's central bank chief after French arrest warrant

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A Lebanese judge questioned the …

Top Lebanese official in IMF talks calls for central bank head to resign amid corruption allegations
1 year, 10 months ago

Top Lebanese official in IMF talks calls for central bank head to resign amid corruption allegations

Associated Press  

BEIRUT — The Lebanese official heading talks with the International Monetary Fund to bail out Lebanon’s tanking economy called Thursday for the country’s embattled central bank chief to resign, amid allegations of corruption and an international arrest warrant issued against him. Lebanon’s caretaker deputy prime minister, Saade Chami, told The Associated Press in an interview that the allegations against the …

How Lebanon’s Riad Salameh went from ‘world’s best central bank chief’ to ‘criminal’
2 years ago

How Lebanon’s Riad Salameh went from ‘world’s best central bank chief’ to ‘criminal’

Firstpost  

Riad Salameh, one of the world’s longest-serving central bank governors, is being investigated for his personal wealth and is widely blamed for the country’s dramatic economic collapse. He was previously an untouchable figure in Lebanon, having held the position for three decades Beirut: Lebanon’s central bank chief Riad Salameh, once lauded for reviving the economy, faces investigations into his personal …

Lebanese banks battered by meltdown struggle to survive
2 years, 3 months ago

Lebanese banks battered by meltdown struggle to survive

Associated Press  

BEIRUT — Lebanon’s once burgeoning banking sector has been hard hit by the country’s historic economic meltdown. Most of those depositors have now lost access to their savings after the country’s lenders for years made risky investments by buying Lebanese treasury bills despite widespread corruption and overspending by the country’s political class. A proposed government economic recovery plan released in …

IMF criticizes Lebanese government over slow reforms
2 years, 6 months ago

IMF criticizes Lebanese government over slow reforms

Associated Press  

BEIRUT — The International Monetary Fund on Wednesday said the Lebanese government’s slowness to implement desperately-needed reforms was exacerbating the country’s economic meltdown, even as officials met to discuss an urgent and long-delayed bailout. “Despite the urgency for action to address Lebanon’s deep economic and social crisis, progress in implementing the reforms agreed under the April SLA remains very slow,” …

Lebanon aims to adopt long-delayed IMF reforms in October
2 years, 6 months ago

Lebanon aims to adopt long-delayed IMF reforms in October

Associated Press  

BEIRUT — Crisis-hit Lebanon hopes to adopt key reforms demanded by the International Monetary Fund for a long-delayed but urgently needed bailout before the end of next month if there is “political will”, Lebanon’s caretaker economy minister said Tuesday. “The IMF is still very committed to help the Lebanese government move forward with the prior actions agenda,” Salam said adding …

Explained | Lebanon’s economic meltdown and why people are robbing banks for their own money
2 years, 6 months ago

Explained | Lebanon’s economic meltdown and why people are robbing banks for their own money

The Hindu  

The story so far: On Friday, September 16, five incidents of bank robbery attempts, not the first of their kind, were reported in Lebanon. The World Bank has described Lebanon’s crisis as one of the “top 10, possibly top three most severe economic collapses worldwide since the 1850s”. Debt accumulation under the sectarian elite administration Post-civil war Lebanon adopted a …

Incumbent Lebanese PM keeps post as economic crisis deepens
2 years, 9 months ago

Incumbent Lebanese PM keeps post as economic crisis deepens

Associated Press  

BEIRUT — Lebanese Prime Minister Najib Mikati won the support of more than 50 legislators Thursday to keep his post following last month’s parliamentary elections as the country’s multiple crises deepen with no solution in sight. The new government’s main mission will be to continue talks with the International Monetary Fund over an economic recovery plan for Lebanon, which is …

Lebanon reaches tentative deal with IMF on economic policies
2 years, 11 months ago

Lebanon reaches tentative deal with IMF on economic policies

Associated Press  

BEIRUT — Lebanon and the International Monetary Fund on Thursday reached a tentative agreement for comprehensive economic policies that could eventually pave the way for some relief for the crisis-hit country, after Beirut implements wide-ranging reforms. The IMF said in a statement that Lebanese authorities and the IMF team that has been in Lebanon since March 28 reached “a staff-level …

Lebanon reaches agreement with IMF on economic reforms
2 years, 11 months ago

Lebanon reaches agreement with IMF on economic reforms

Al Jazeera  

Beirut, Lebanon – Lebanon and the International Monetary Fund have reached a staff-level agreement on an economic reform plan for the crisis-hit country that could potentially unlock around $3bn of funding over several years. “The authorities recognise the urgent need to initiate a multi-pronged reform program to tackle these challenges, bring back confidence and put the economy back on a …

Lebanese PM expects progress in talks with IMF over meltdown
3 years ago

Lebanese PM expects progress in talks with IMF over meltdown

Associated Press  

BEIRUT — Talks between the Lebanese government and the International Monetary Fund over an economic recovery plan should make progress in the next two weeks, Prime Minister Najib Mikati said Saturday. Speaking to reporters in Qatar, where he is attending the Doha Forum, Mikati said an IMF delegation will resume talks with the government in Beirut on Tuesday over the …

World Bank: Lebanon’s meltdown threatens social peace
3 years, 2 months ago

World Bank: Lebanon’s meltdown threatens social peace

Associated Press  

BEIRUT — Lebanon’s economy contracted by more than 58%, the World Bank said Tuesday, warning in a report that the small country’s financial meltdown poses a threat to long-term stability and social peace. “The scale and scope of Lebanon’s deliberate depression are leading to the disintegration of key pillars of Lebanon’s post-civil war political economy,” said the report, titled, “The …

Lebanon: Hezbollah, Amal to end boycott of cabinet sessions
3 years, 2 months ago

Lebanon: Hezbollah, Amal to end boycott of cabinet sessions

Al Jazeera  

The groups say the decision was driven by a desire to have the 2022 budget approved and discuss an economic recovery plan. Powerful Lebanese groups Hezbollah and Amal have said they would end a boycott of cabinet sessions, opening the way for ministers to meet after a three-month gap that has seen the economy and currency collapse further. The groups, …

Lebanon’s President Aoun calls for ‘urgent’ national dialogue
3 years, 3 months ago

Lebanon’s President Aoun calls for ‘urgent’ national dialogue

Al Jazeera  

Michel Aoun calls the political paralysis in the government ‘deliberate and systematic’ amid unprecedented economic crisis. Beirut, Lebanon – Lebanon’s President Michel Aoun has called for an “urgent” national dialogue between the country’s governing parties as he condemned months of political paralysis in the government. Last week, Aoun said Lebanon needs “six to seven years” to emerge from the crisis. …

President Aoun: Lebanon needs ‘six to seven years’ to exit crisis
3 years, 3 months ago

President Aoun: Lebanon needs ‘six to seven years’ to exit crisis

Al Jazeera  

Lebanese leader says the country needs six to seven years to recover amid its deepest crisis since the 1975-1990 civil war. Lebanon needs “six to seven years” to emerge from the crisis it is currently in, the country’s president has said. Mike Azar, an expert on the Lebanese financial system, said Guterres had expressed similar views at another closed-door gathering …

UN chief warns Lebanon Cabinet paralysis may dampen support
3 years, 3 months ago

UN chief warns Lebanon Cabinet paralysis may dampen support

Associated Press  

BEIRUT — The U.N. chief warned Tuesday that the international community is unlikely to come forth with much-needed support for Lebanon amid its persistent government paralysis and as the country struggles through a “very dramatic” crisis. Guterres said several initiatives were in the works to help Lebanon deal with the crisis, including holding an international conference, but that the government’s …

Lebanese central bank governor says corruption charges false
3 years, 4 months ago

Lebanese central bank governor says corruption charges false

Associated Press  

BEIRUT — Lebanon’s central bank governor said Wednesday that he asked for an audit of transactions and investments during his tenure and the results showed no public money has been misused. Salameh said in a statement Wednesday that he was a wealthy investment banker before he became the head of the central bank in 1993. In his statement on Wednesday, …

Lebanon’s PM says preliminary talks with IMF moving forward
3 years, 4 months ago

Lebanon’s PM says preliminary talks with IMF moving forward

Associated Press  

BEIRUT — Lebanon’s prime minister said Monday that preliminary talks with the International Monetary Fund are moving forward as the small nation works to pull itself out of one of the world’s worst economic crises in more than a century. Najib Mikati said during an economic conference in Beirut that an amended financial recovery plan by asset management firm Lazard, …

Lebanese president wants to resume bailout talks with IMF
3 years, 6 months ago

Lebanese president wants to resume bailout talks with IMF

Associated Press  

BEIRUT — Lebanon’s new government held its first meeting Monday with a call by the president to resume talks with the International Monetary Fund to help kick-start its recovery from one of the world’s worst economic crises in more than a century. Information Minister George Kordahi told reporters after the meeting that Prime Minister Najib Mikati plans to hold intense …

Lebanon’s new prime minister says no ‘magic wand’ to fix crisis
3 years, 6 months ago

Lebanon’s new prime minister says no ‘magic wand’ to fix crisis

Al Jazeera  

Lebanon’s new government holds first meeting as prime minister warns there is no time to lose in tackling the country’s economic crisis. Lebanon’s new Prime Minister Najib Mikati, who took office last week promising to revive IMF talks to unlock aid, said on Monday there was no time to lose and no easy path to tackle one of history’s worst …

Lebanon’s new PM pledges to stabilize economic meltdown
3 years, 6 months ago

Lebanon’s new PM pledges to stabilize economic meltdown

Associated Press  

BEIRUT — Lebanon’s new prime minister pledged Friday to gain control of one of the world’s worst economic meltdowns, saying lifting subsidies was a critical priority for the small country’s government formed after a year of political stalemate. The agreement breaks a 13-month deadlock, one of Lebanon’s longest periods without a fully functioning government at a time when the country …

Lebanon’s new government only ‘a band-aid’, experts say
3 years, 6 months ago

Lebanon’s new government only ‘a band-aid’, experts say

Al Jazeera  

PM Najib Mikati is optimistic about getting Lebanon out of mire, but analysts say economic recovery is not on the horizon any time soon. Political analyst Bachar El-Halabi believes the Mikati government will implement some small-scale “cosmetic” reforms and patchwork solutions to secure votes for Lebanon’s traditional sectarian parties to stifle political opposition. “The newly formed government is expected to, …

What’s next for Lebanon?
3 years, 7 months ago

What’s next for Lebanon?

Al Jazeera  

Lebanon is facing a dire economic crisis exacerbated by political deadlock. That is the dire state in which Lebanon finds itself after more than 18 months of political and economic instability. Lebanon’s international allies say they want to help the economy, but only after a new government is formed. Presenter: Kim Vinnell Guests: Patrick Mardini – Economist at Leadenhall International …

Saad Hariri steps down as Lebanon’s prime minister-designate pushing country into more uncertainty
3 years, 8 months ago

Saad Hariri steps down as Lebanon’s prime minister-designate pushing country into more uncertainty

CNN  

Beirut, Lebanon CNN — Lebanon’s Prime Minister-designate Saad Hariri has stepped down nearly nine months after he was tasked with forming the crisis-ridden country’s next government. “During the conversation we proposed that the president take more time to think about the proposal, and said that it looks like we’re not going to agree,” Hariri told reporters following the 20-minute meeting. …

Lebanon days away from ‘social explosion’, PM Diab warns
3 years, 8 months ago

Lebanon days away from ‘social explosion’, PM Diab warns

Al Jazeera  

World Bank has called Lebanon’s crisis one of worst depressions of modern history as half of population lives in poverty. Lebanon is a few days away from a “social explosion”, caretaker Prime Minister Hassan Diab has warned, calling on the international community to save a country in deep economic crisis. He urged friendly nations to extend assistance despite the lack …

Lebanon’s crisis threatens one of its few unifiers, the army
3 years, 9 months ago

Lebanon’s crisis threatens one of its few unifiers, the army

Associated Press  

BEIRUT — Since the civil war, through wars with Israel, militant bombings and domestic turmoil, Lebanese have considered their military as an anchor for stability, one of the only institutions standing above the country’s divisions. But the military is now threatened by Lebanon’s devastating financial collapse, which the World Bank has said is likely to rank as one of the …

Lebanese leaders exchange barbs as country sinks into crisis
3 years, 9 months ago

Lebanese leaders exchange barbs as country sinks into crisis

Associated Press  

BEIRUT — Lebanon’s president and prime minister-designate traded barbs Wednesday, accusing one another of obstruction, negligence and insolence in a war or words that has for months obstructed the formation of a new government as the country sinks deeper into economic and financial crisis. The power struggle between the premier-designate, Saad Hariri, on one side and President Michel Aoun and …

World Bank: Lebanon’s crisis among world’s worst since 1850s
3 years, 9 months ago

World Bank: Lebanon’s crisis among world’s worst since 1850s

Associated Press  

BEIRUT — Lebanon’s severe economic and financial crisis is likely to rank as one of the worst the world has seen in more than 150 years, the World Bank said in a report released Tuesday. The World Bank said that since late 2019, Lebanon has been facing compounded challenges, including its largest peace-time economic and financial crisis, the spread of …

Lebanon crisis could rank among world’s three worst in 150 years
3 years, 9 months ago

Lebanon crisis could rank among world’s three worst in 150 years

Al Jazeera  

The World Bank said on Tuesday that Lebanon’s economic and financial crisis could rank as one of the three most severe the world has seen since the mid-19th century. Lebanon’s financial and economic crisis could rank as one of the world’s three most severe since the mid-19th century, concludes the latest Lebanon Economic Monitor released by the World Bank on …

Cabinet formation talks in Lebanon collapse amid crisis
4 years ago

Cabinet formation talks in Lebanon collapse amid crisis

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Talks on the formation of a new Cabinet in Lebanon …

Lebanon crisis: France’s Macron announces fund for sustained aid
4 years, 3 months ago

Lebanon crisis: France’s Macron announces fund for sustained aid

Al Jazeera  

France’s president plans to return to Lebanon for the third time in four months to continue to pressure politicians for reform. Beirut, Lebanon – French President Emmanuel Macron announced a World Bank-hosted humanitarian fund for crisis-hit Lebanon on Wednesday, saying relief would bypass the country’s increasingly ostracised politicians and go directly to the Lebanese people and trusted NGOs. In a …

AP Analysis: Dark days ahead for Lebanon as crisis bites
4 years, 6 months ago

AP Analysis: Dark days ahead for Lebanon as crisis bites

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Absent a major change in either side’s political calculations, the coming weeks will see …

Lebanese prime minister-designate resigns amid impasse
4 years, 6 months ago

Lebanese prime minister-designate resigns amid impasse

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Lebanon’s prime minister-designate resigned Saturday amid a political impasse over …

Lebanon PM-designate steps down amid impasse over gov’t formation
4 years, 6 months ago

Lebanon PM-designate steps down amid impasse over gov’t formation

Al Jazeera  

Mustapha Adib says he wants to recuse himself from ‘the task of forming the government’. French efforts Adib’s resignation came days after President Aoun told reporters Lebanon would be going to “hell” if a new government was not formed soon. Reporting from Beirut, Al Jazeera’s Zeina Khodr said Lebanon’s “different political parties promised Macron the government would be in place …

Exclusive: French reform proposal for Lebanon delves into details
4 years, 6 months ago

Exclusive: French reform proposal for Lebanon delves into details

Al Jazeera  

France proposed a detailed draft list of sweeping reforms it is pressuring Lebanon to implement by year’s end. Electricity sector Within one month, the government will: Appoint officials to the National Electricity Regulatory Authority according to Law 462/2002 “without amendments”, and provide the Authority with the resources to carry out its work. Capital controls Within one month: Parliament should finalise …

AP Analysis: Will Beirut’s blast be a catalyst for change?
4 years, 7 months ago

AP Analysis: Will Beirut’s blast be a catalyst for change?

Associated Press  

BEIRUT — The massive explosion and devastation triggered by thousands of tons of chemicals improperly stored in Beirut’s port is the culmination of decades of corruption that has driven one of the Middle East’s most spirited countries to ruin. The Lebanese people rose up many times before, including 15 years ago when former Prime Minister Rafik Hariri was assassinated in …

Analysis: Often on brink, Lebanon headed toward collapse
4 years, 7 months ago

Analysis: Often on brink, Lebanon headed toward collapse

Associated Press  

BEIRUT — Power cuts that last up to 20 hours a day. Only this time, it’s different, Every day brings darker signs Lebanon has rarely seen in past crises: Mass layoffs, hospitals threatened with closure, shuttered shops and restaurants, crimes driven by desperation, a military that can no longer afford to feed its soldiers meat and warehouses that sell expired …

French foreign minister: IMF only way out of Lebanon crisis
4 years, 8 months ago

French foreign minister: IMF only way out of Lebanon crisis

Associated Press  

BEIRUT — France’s foreign minister said Thursday that talks with the International Monetary Fund are the only way out of Lebanon’s economic crisis, urging Lebanese officials to resume discussions with the lender that faltered over internal disagreements. Jean-Yves Le Drian, the first Western official to visit Lebanon since its economy began to unravel last year, said only concrete reforms would …

Who is to blame for Lebanon’s crisis?
4 years, 10 months ago

Who is to blame for Lebanon’s crisis?

Al Jazeera  

It is not corruption, nor sectarianism alone. Lebanon’s new prime minister, Hassan Diab, who came to power amid the protests that brought down the previous government, has blamed his predecessors, especially the Central Bank Governor Riad Salameh, an incumbent of 26 years, for the crisis. The evidence presented against “the corrupt class” even in the most reputable Western news agencies …

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