World

New Lebanese parliament will act on IMF deal, PM adviser says

A set of reforms the IMF wants Lebanon to enact before approving a funding deal for the country will largely be left for a new parliament to study, an adviser to the prime minister said on Friday, suggesting little may be done before a May 15 national election.
The IMF announced the draft funding deal on Thursday, but said its board would not decide on whether to approve it until Beirut enacts a batch of reforms including measures which ruling factions have long failed to deliver.
An IMF agreement is widely seen as the only way for Lebanon to start emerging from what the World Bank has described as one of the world’s worst ever financial collapses – and the deepest crisis since Lebanon’s 1975-90 civil war.
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Many analysts have expressed renewed doubt that Lebanon’s fractious parties can deliver reforms they have long been unwilling or unable to agree, even as Lebanese leaders have hailed the IMF deal and vowed to make it succeed.
The parliamentary election is seen as another complicating factor. After the vote, a new government must be agreed – a process that usually takes many months.
Nicolas Nahhas, a senior lawmaker and adviser to Prime Minister Najib Mikati, noted there were only a few weeks left before the election and MPs were busy campaigning.
“This wasn’t meant to be done in a few weeks and nobody serious would say it should be done in that time frame,” he said of the reforms, adding that parliament could possibly approve a capital control law and budget law before the vote.
“The agreement is a kind of benchmark of what should come after elections. So, after elections, parliament will start studying quickly these actions and then we shall see how we go forward.”
Before the agreement goes to the IMF board, the Fund said the authorities had agreed to complete measures including cabinet approval of a bank restructuring that recognizes and addresses large losses in the sector, while protecting small depositors and limiting their recourse to public resources.
Lebanon’s political and financial elite have been at odds over such a plan for two years, particularly the issue of how to distribute some $70 billion of losses between banks, the state, and depositors.
Central bank chief Riad Salameh told Reuters he hoped the IMF terms would be met, that the central bank had “cooperated and facilitated” the IMF mission and that the deal would “contribute to the unification of the exchange rate.”

State collapse

Goldman Sachs said the reforms were economically and politically challenging, “but none more so in our view than the restructuring of the local banks.”
“The distribution of losses between the government, bank shareholders and depositors is a politically challenging question and is unlikely to be resolved easily [or quickly,] in our view,” it said in a note.
The deal was a “significant step forward,” but more of a carrot “than a promise of near-term financial assistance.”
Mike Azar, an expert on Lebanon’s financial crisis, said the deal lacked details, including any solutions, and would be sold to voters as a “victory when in reality it’s a non-binding statement of intentions accompanied by nothing tangible.”
“It is unfortunate that the IMF agreed to hand the government a hollow victory just ahead of elections.”
Donors want Beirut to address the root causes of the crisis, including state waste and corruption, before releasing aid.
The United States welcomed the deal, urging Beirut to enact reforms. France called it “an important first step.”
Kuwait and Saudi Arabia, once a major donor to Lebanon, on Thursday said their envoys would return to Beirut, marking a thaw in ties that have been strained by the influence wielded in Beirut by the Iran-backed Hezbollah.
Speaking after a meeting with President Michel Aoun, Patriarch Bechara Boutros al-Rai linked the IMF deal to the return of the Gulf envoys, saying the steps “complete each other.”
“This all feeds into the same place because they always said they would stand with Lebanon,” he said.
Andrew Tabler, a fellow at the Washington Institute for Near East Policy, said the two developments reflected the same thing.
“Concern about a Lebanese state collapse is increasing in the West and in the region,” he said, adding: “I am skeptical [Lebanese politicians] will take the hard choices. They usually don’t.”
Read more:

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World

Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

World

At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

World

US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM