Inflation in Lebanon surged to 171.2 per cent in 2022, the highest in nearly four decades, as the country continues to grabble with its worst economic crisis, according to official data.
Hyperinflation continued for the 30th consecutive month, rising annually to about 122 per cent in December from the same month a year earlier, led by triple digit increases in communication, food, water and energy costs, the Central Administration of Statistics' Consumer Price Index showed. The CPI increased about 6.73 per cent from November 2022.
Inflation in the country remains far from a peak of 741 per cent that was hit towards the end of 1987, during Lebanon's last civil war from 1975 to 1990. The country was expected to post the second-highest inflation rate in the world last year, behind Sudan, which was forecast to see its CPI hit about 180 per cent, according to Fitch Solutions.
Inflation in Sudan reached about 383 per cent in 2021, according to the World Bank, but started to decline last year as it rolled out an economic reform programme and plans to unify various national currency rates and the lifting of subsidies on basic consumer commodities.
Lebanon's crisis has been described by the World Bank as one of the worst in modern history, leading to a surge in unemployment, more than half the population sliding below the national poverty line and waves of citizens leaving the country.
Despite the crisis, the country's political elite have yet to enforce critical structural and financial reforms required to unlock $3 billion of assistance from the International Monetary Fund. Securing the IMF funds would also pave the way for an additional $11 billion of assistance that has been pledged by international donors at a Paris conference in 2018.
Reforms hinge on the formation of a new government, the election of a president and consensus among the country's political elite.
Politicians are deadlocked over the formation of a new cabinet eight months after parliamentary elections were held and after the six-year term of former president Michel Aoun expired at the end of October.
In a recent research note Goldman Sachs said the cost of the ongoing presidential vacuum on the Lebanese economy is “likely to delay already lagging reform efforts and progress on the International Monetary Fund's prior actions”.
Political impasses in Lebanon have led to political vacuums in the past, which stalled its economic progress and led its public debt to balloon.
Lebanon was without a president for two and a half years until Mr Aoun's election by the 128-seat parliament in 2016. His predecessor, Michel Suleiman, was elected in 2008 after the position had been vacant for 18 months.
Lebanon's economy collapsed after it defaulted on about $31 billion of eurobonds in March 2020, with its currency losing more than 90 per cent against the dollar on the black market. With the Lebanese pound trading as high as 50,000 to the US dollar in the parallel market, the peg of 1,507 to the greenback in place since 1997, has been effectively obsolete.
Foreign exchange inflows to the country that traditionally helped the government finance its deficits have dried up and tourist spending in the country has plunged.
Tourism spending declined 19 per cent in 2022 compared to a 14 per cent fall the previous year according to Global Blue, the value added tax refund operator. Occupancy rates at Beirut hotels was 49.6 per cent in the first 11 months of last year, compared with 42.5 per cent in the same period in 2021, according to EY's benchmark survey.
According to the latest CPI reading, the price of miscellaneous goods and services in December increased nearly five-fold, while the cost of water, electricity, gas and other fuels nearly tripled.
Communication costs increased more than six-fold while education and transport prices soared more than three times each.
Rates at restaurants and hotels and the prices of food and non-alcoholic beverages tripled.
The World Bank projects that Lebanon's real gross domestic product will contract 5.4 per cent in 2022, due to the “political paralysis” lack of action to put in place an economic recovery strategy.
The economy shrank about 58 per cent between 2019 and 2021 — the largest contraction among 193 countries, the Washington-based lender said in a report in January 2022.
UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
UAE currency: the story behind the money in your pockets
The Porpoise
By Mark Haddon
(Penguin Random House)
The specs
Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel
Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power: 1877bhp
Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
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Race%20card
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THE%C2%A0SPECS
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
