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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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Almarai signs an MoU with the Authority of People with Disabilities to train and employ them.

Almarai Company signed a memorandum of understanding with the Authority of People with
Disabilities to train, qualify and employ persons with disabilities. This came on the sidelines of
the First International Labor Market Conference, organized by the Ministry of Human Resources
and Social Development on December 13 – 14, 2023, at the King Abdulaziz Convention Center
in Riyadh.

The memorandum was signed by the Chief Human Resources Officer of Almarai Company,
Fahad Mohammed Aldrees, and the CEO of the Authority of People with Disabilities, Dr.
Hisham bin Muhammad Al-Haidari.

“This agreement comes within the framework of the company’s social responsibility program, as
Almarai employs more than 500 people with disabilities, which is one of the most suitable work
environments for them.” Fahad Aldrees said. Pointing out that Almarai has the “Silent Line”,
which is one of its production lines that is designated for people with hearing disabilities.

It is worth mentioning that Almarai supports over 300 charity organizations annually across the
kingdom that operate in the field of community development.

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Central Phuket Shopping Center Prepared Surprises This Christmas & New Year 2024

Central Phuket Shopping Center, the luxury lifestyle landmark o Phuket, invites everyone to celebrate Christmas and New Year 2024 in The Great Celebration 2024 Campaign. Joining hands with global partner ‘The Pokémon Company’, Central Phuket bring over Pokémon, the super cute character popular around the world, for all locals and international fans. The special campaign launch presents a procession of cute ‘Pikachu’ alongside with the giant Christmas tree for the first time in Thailand.
This December, Central Phuket prepared many activities for shoppers when visiting Phuket! Experience the “Surprise of the Day” with free Cotton Candy for our little ones, a sweet and fluffy treat, a special gift from Central Phuket. Bring your kids to enjoy this sweet treat every Saturday and Sunday throughout the month of December. Don’t miss the Christmas Carol that
everyone loves, little Santas spread freshness by singing together in the Christmas Carol activity. Plus, Christmas Live Music, the festival of joy is back! Celebrate Christmas in a luxurious and classy atmosphere, enjoying the music that will bring us joy. Also, there will be Christmas Troop, Santa Claus is coming to town! The Santa troop will spread happiness throughout Central Phuket. Lastly, Cake Workshop, workshop activity with Chef Sebastien’s IRON CHEF Thailand teaching how to make Christmas Vanilla Cake. A special activity for the Christmas season. Moreover, Central Phuket provides special promotion exclusively for international tourists throughout December 23 – January 24 including:

1) Get Free! Tourist welcome discount package valued up to THB 10,000.
2) Receive THB 100 Gift voucher when spending up to THB 2,500 per receipt.
3) Get to buy ‘Happy Holiday Collections’ special price: Pokémon 2-in-1 pillow blanket, tumbler, travel bag set, and keychain. Visit redemption counter for the price.
4) Exclusive for Grab Users get discount code up to 25% off* when traveling to participating Central Shopping Centers.
5) Receive famous Elephant Pants when spending over THB 5,000 in shopping center.
6) Get Free! H&M THB 100 gift voucher when booking any accommodations in Phuket with Agoda. Terms and conditions apply.

Central Phuket is a home of global luxury brands such as Alexander McQueen, Balenciaga, Ermenegildo Zegna, Gucci, Hermès, Louis Vuitton, and Saint Laurent. Exclusive for this season, Louis Vuitton launches a pop-up store located at Central Phuket. The design is inspired by the story of Damier or Checkerboard, the brand’s signature pattern. This classic pattern was created by Louis
Vuitton and his son Georges Vuitton in 1888 and has always been part of the design of Maison’s iconic items and concepts. Find clothes, shoes, bags, and accessories for men at the Pop-up Store from Louis Vuitton at Central Phuket, 1st floor, from today until 31 March 2024. And with over 500 renowned fashion brands and lifestyle shops ranging from local to international
well-known brands covering all categories, international shoppers will be able to find what they are looking for in Central Phuket.
Central Phuket is located in the heart of one of the world’s most famous beach cities, Phuket and await to welcome both locals and international visitors this holiday. Also, don’t miss one of the most joyful New Year Count Down events in Phuket city at Central Phuket Shopping Center on December 31, 2023.

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Saudi Fund for Development Provides $100 Million Development Loan for the Rogun Hydropower Project

The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed a new development loan agreement with the Minister of Finance of the Republic of Tajikistan, H.E. Kahhorzoda Fayziddin Sattor, through which SFD is contributing $100 million USD to fund the Rogun Hydropower Project, a landmark initiative that will enhance energy,
food, and water security, and foster sustainable development in the country. The signing was attended by the Ambassador of the Kingdom of Saudi Arabia to the Republic of Tajikistan, H.E. Waleed Al-Reshiadan, and the Ambassador of Tajikistan to Saudi Arabia, H.E. Akram Karimi, alongside other officials from both sides. SFD’s development loan will help contribute towards a more sustainable and equitable food and water future for Tajikistan, while driving the country’s energy transition and climate resilience. The project aims to contribute to the national energy security and will help advance sustainable
development in the Republic of Tajikistan, by providing the renewable electricity supply to meet local demand and expand electricity production domestically and regionally, producing 3600 MW of energy. The loan agreement will also finance the construction of a 335-meter-tall dam, which will enhance irrigation capabilities and bolster agricultural activities across the country. Additionally, the project will improve flood protection through the construction of four hydraulic
tunnels for diversion and drainage. It will also provide clean and drinkable water to people through desalination, and help advance socio-economic development, by creating both direct and indirect jobs.
Importantly, this project also supports the realization of the UN Sustainable Development Goals (SDGs); specifically, SDG 2, Zero Hunger, SDG 6, Clean Water and Sanitation, and SDG 7, Affordable and Clean Energy.
On this occasion, the CEO of SFD, H.E. Sultan Al-Marshad, said: “Today’s signing marks a major milestone in our shared journey towards a more sustainable future. With this landmark development loan, SFD is not just supporting Tajikistan’s energy future, but also its sustainable development and the well-being of its people. The Rogun Hydropower Project is a beacon of
hope for a bright future that is powered by clean, renewable energy. It will propel Tajikistan towards environmental stewardship and prosperity.”

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