The complex nature of the Lebanese crisis requires a comprehensive social, economic and financial reform programme to stabilise the economy, the International Monetary Fund staff said after the conclusion of their virtual mission meetings with Lebanese authorities.
The country, which faces its worst crisis in more than three decades, needs to also address deep-seated challenges and lay the ground for sustainable and strong growth, the fund's staff said on Friday.
Decisive action by the authorities is needed to tackle the deep-seated problem of corruption and strengthening transparency
Ramirez Rigo,
IMF’s mission chief for Lebanon
The value of Lebanon's currency against the US dollar plunged more than 90 per cent following the government's defaulted on about $31 billion of eurobonds, accelerating the country's economic decline into what the World Bank called last year a "deliberate depression". Inflation soared to 155 per cent last year the about 80 per cent of the country's population live below the poverty line.
Lebanese authorities participated in online discussions with IMF staff that took place from January 24 to February 11 on the framework and policies of an economic reform programme that can be supported by the Washington lender.
Although progress was made during the mission in agreeing on the necessary reform areas, IMF representatives said more work was needed to translate them into concrete policies.
“Obtaining broad-based buy-in for this multiyear programme will be fundamental for its timely and decisive implementation. At the same time, strong upfront actions will be necessary to start turning the economy around and rebuilding confidence,” said Ramirez Rigo, IMF’s mission chief for Lebanon.
The fund's representatives said Lebanon’s economic programme must include “targeted and timebound actions” across five different pillars to “enhance transparency and accountability”.
It suggested restructuring the financial sector to support recovery; reforming state-owned enterprises, particularly the energy sector, to provide better services without draining public resources; and strengthening government, anti-corruption and anti-money laundering as well as countering the financing of terrorism frameworks.
IMF representatives recommended establishing a credible monetary and exchange rate system in the country, and introducing fiscal reforms to ensure debt sustainability and investment in social spending and reconstruction efforts.
There is now a clearer understanding of the unprecedented size of the financial sector’s losses that would need to be addressed transparently, “consistent with the hierarchy of claims while protecting small depositors, as already envisaged by the authorities”, Mr Rigo said.
Lebanon’s economic crisis is worsening and politicians have failed to enact reforms to increase transparency and fight corruption, which would allow for the IMF to provide financial aid to the country.
A first attempt at negotiations collapsed in 2020 because the banking sector disagreed on the previous government’s estimation of the size of its losses, at $69 billion.
They have recently picked up again, but IMF managing director Kristalina Georgieva earlier hinted at difficult negotiations when she said the institution would only support a “comprehensive programme” that would tackle all the country's ills, including corruption.
Mr Rigo said it will be important to develop a medium-term fiscal strategy that allows the government to invest in “critically needed social spending” to support the people of Lebanon — and enables reconstruction efforts — while being consistent with debt sustainability.
“Decisive action by the authorities is needed to tackle the deep-seated problem of corruption and strengthening transparency, including by accelerating the launch of the procurement commission and lifting the bank secrecy law or amending it in line with international best practice,” he said.
Lebanon's private sector shrunk at a softer pace in January, with business conditions hitting a seven-month high due to a slower decline in output and new orders.
The Blom Lebanon PMI, which measures operating conditions in the country's private sector, rose to 47.1 in January, up from 46.7 in December, and its highest mark since last June. However, it remained below the 50.0 mark that separates growth from contraction.
Lebanon's central bank governor Riad Salameh, once considered one of the world's best central bankers, has also come under the radar of Swiss and European prosecutors.
Scrutiny over his personal finances has increased since the collapse of Lebanon’s banking sector in late 2019.
Grand Slam Los Angeles results
Men:
56kg – Jorge Nakamura
62kg – Joao Gabriel de Sousa
69kg – Gianni Grippo
77kg – Caio Soares
85kg – Manuel Ribamar
94kg – Gustavo Batista
110kg – Erberth Santos
Women:
49kg – Mayssa Bastos
55kg – Nathalie Ribeiro
62kg – Gabrielle McComb
70kg – Thamara Silva
90kg – Gabrieli Pessanha
Squad: Majed Naser, Abdulaziz Sanqour, Walid Abbas, Khamis Esmail, Habib Fardan, Mohammed Marzouq (Shabab Al Ahli Dubai), Khalid Essa, Muhanad Salem, Mohammed Ahmed, Ismail Ahmed, Ahmed Barman, Amer Abdulrahman, Omar Abdulrahman (Al Ain), Ali Khaseif, Fares Juma, Mohammed Fawzi, Khalfan Mubarak, Mohammed Jamal, Ahmed Al Attas (Al Jazira), Ahmed Rashid, Mohammed Al Akbari (Al Wahda), Tariq Ahmed, Mahmoud Khamis, Khalifa Mubarak, Jassim Yaqoub (Al Nasr), Ali Salmeen (Al Wasl), Yousef Saeed (Sharjah), Suhail Al Nubi (Baniyas)
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UAE currency: the story behind the money in your pockets
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
UAE currency: the story behind the money in your pockets
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
The%20specs%3A%202024%20Mercedes%20E200
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Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
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UAE currency: the story behind the money in your pockets
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
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SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
FIGHT%20CARD
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Mohammed bin Zayed Majlis
