Lebanon's cabinet has approved a controversial 'financial gap' draft law that aims to share tens of billions of dollars in losses between the state, central bank, commercial banks and depositors, while gradually restoring access to frozen accounts after the 2019 financial collapse.
Category: Economy
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Oman And Lebanon Move Toward A New Strategic Partnership
Ahead of Lebanese President Joseph Aoun’s visit to Muscat, Oman and Lebanon signalled plans to elevate their relationship into a strategic partnership focused on trade, investment and political support.
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Baby milk importers Group clarifies the situation of baby milk in the Lebanese market
The article features a statement from the Baby Milk Importers Group explaining the status of baby milk availability in Lebanon, addressing concerns over shortages, pricing, and import conditions.
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ESCWA: Arab region on a path to economic recovery
After a deep recession that affected the world and the Arab countries alike in 2020 owing to the COVID-19 pandemic, the region’s economies are expected to recover, with a growth rate of 4.3% in 2021. A positive outlook is projected for all Arab countries except Lebanon, where growth will remain negative at -4.6%. These figures...
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The economic committee, Fahmy discusses the issue of exporting to Saudi Arabia
The Parliamentary Economic Committee, headed by Representative Farid Bustani, met Saturday morning with the Caretaker Interior Minister Mohammed Fahmy at the Ministry’s headquarters, to discuss the issue of exporting to the Kingdom of Saudi Arabia. Conferees reportedly discussed the best ways to enhance trust between the Kingdom and Lebanon. Minister Fahmy assured the delegation of following up...
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BDL Central Council issues decision to pay depositors $400 Fresh dollars and its equivalence in Lebanese pounds per month
This article explains the Lebanese Central Bank’s decision allowing eligible depositors to withdraw a monthly amount in “fresh” US dollars alongside its equivalent in Lebanese pounds, as part of efforts to ease the banking crisis.
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Lebanon crisis among world’s worst since the 1850s: World Bank
Lebanon’s economic collapse is likely to rank among the world’s worst financial crises since the mid-19th century, the World Bank said in a damning report released Tuesday. The report predicts that Lebanon’s economy will shrink by close to 10 percent in 2021 and stresses there is “no clear turning point on the horizon”. Lebanon defaulted...
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IMF says ending COVID-19 pandemic possible at cost of some $50 billion
The International Monetary Fund on Friday unveiled a $50 billion proposal to end the COVID-19 pandemic by vaccinating at least 40% of the population in all countries by the end of 2021 and at least 60% by the first half of 2022. Doing so, IMF officials say, would inject the equivalent of $9 trillion into...
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Ministry of Economy officially sets new bread bundle price at LBP 2250
The Ministry of Economy and Trade has officially set the new 900 gram bread bundle price at LBP 2250. This decision came on Monday after the Ministry of Economy and Trade announced that the Iraqi flour donation, which has been being used by bakeries to produce bread bundles since November 23, 2020, was out of...