Inflation in Lebanon hit an annual rate of about 190 per cent in February as the International Monetary Fund called on the country's government, parliament and central bank to close ranks and take decisive actions to stabilise the economy.
Hyperinflation continued for the 32nd consecutive month, led by soaring communication, health, restaurant and hotel prices, as well as rising food, water and energy costs, the Central Administration of Statistics' Consumer Price Index showed.
The CPI increased by about 26 per cent from January 2023.
After hitting 155 per cent in 2021, inflation in the country surged to 171.2 per cent in 2022, the highest in about four decades as the country's worst economic and financial crises in decades continued during a political deadlock that has blocked the formation of a new government and the enactment of reforms required to unlock billions of dollars in aid from the IMF and other international donors.
Communication costs increased nearly fivefold in February compared with the same month in 2022, while health costs increased more than four times. Clothing and footwear prices and the rates of restaurant and hotels leapt more than threefold.
The prices of food and non-alcoholic beverages increased more than three times while transportation costs rose by a similar proportion.
Lebanon's economy contracted about 58 per cent between 2019 and 2021, with GDP falling to $21.8 billion in 2021, from about $52 billion in 2019, according to the World Bank — the largest contraction on a list of 193 countries.
Lebanon’s tax revenue more than halved between 2019 and 2021 in the face of the deepest economic crisis since the end of the civil war, according to the IMF.
The fund estimates that the mis-valuation of customs, excises and Vat at the border caused a loss of revenue worth 4.8 per cent of Lebanon’s gross domestic product in 2022.
"Despite the severity of the situation, which calls for immediate and decisive action, there has been limited progress in implementing the comprehensive package of economic reforms ... notwithstanding some efforts by the government," the IMF said last week after the end of a staff mission visit to Beirut from March 15 to 23.
"This inaction disproportionately harms the low-to-middle-income population and undermines Lebanon’s long-term economic potential. The government, parliament, and the Central Bank (BdL) must act together, rapidly and decisively to tackle long-standing institutional and structural weaknesses to stabilise the economy and pave the way for a strong and sustainable recovery."
The World Bank has described the country's crisis as one of the worst in modern history, ranking it among the world's worst financial crises since the mid-19th century.
Lebanon's political elite have yet to enforce critical structural and financial reforms required to unlock $3 billion of assistance from the IMF.
Securing the IMF funds would pave the way for an additional $11 billion in assistance that was 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 10 months after parliamentary elections were held and nearly five months after the six-year term of former president Michel Aoun expired at the end of October.
Inflation is likely to remain elevated as the Lebanese pound continues to lose value on the parallel market and on the official exchange rate since a 90 per cent devaluation at the start of February.
While the IMF said it is committed to supporting Lebanon it also said the country "is at a dangerous crossroads, and without rapid reforms will be mired in a never-ending crisis".
With the current impasse continuing, the fund expects poverty and unemployment to remain high while the economic potential will continue to decline.
"A continuation of the status quo would further undermine trust in the country’s institutions and additional delays in implementing reforms will keep the economy depressed, with irreversible consequences for the whole country, but especially low-to-middle income households," the fund said.
"High uncertainty will further weaken the external position and the BdL will continue to lose scarce international reserves. Exchange rate depreciation and spiralling inflation will remain unabated, accelerating the already high cash dollarisation of the economy."
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Company%C2%A0profile
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PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
TOP 5 DRIVERS 2019
1 Lewis Hamilton, Mercedes, 10 wins 387 points
2 Valtteri Bottas, Mercedes, 4 wins, 314 points
3 Max Verstappen, Red Bull, 3 wins, 260 points
4 Charles Leclerc, Ferrari, 2 wins, 249 points
5 Sebastian Vettel, Ferrari, 1 win, 230 points
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Palestine and Israel - live updates
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
UAE currency: the story behind the money in your pockets
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MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Killing of Qassem Suleimani
Results
6.30pm Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m, Winner Bandar, Fernando Jara (jockey), Majed Al Jahouri (trainer).
7.05pm Meydan Classic Listed (TB) $175,000 (Turf) 1,600m, Winner Well Of Wisdom, William Buick, Charlie Appleby.
7.40pm Handicap (TB) $135,000 (T) 2,000m, Winner Star Safari, Mickael Barzalona, Charlie Appleby.
8.15pm Handicap (TB) $135,000 (D) 1,600m, Winner Moqarrar, Fabrice Veron, Erwan Charpy.
8.50pm Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m, Winner Secret Advisor, William Buick, Charlie Appleby.
9.25pm Curlin Stakes Listed (TB) $175,000 (D) 2,000m, Winner Parsimony, William Buick, Doug O’Neill.
10pm Handicap (TB) $135,000 (T) 2,000m, Winner Simsir, Ronan Whelan, Michael Halford.
10.35pm Handicap (TB) $175,000 (T) 1,400m, Winner Velorum, Mickael Barzalona, Charlie Appleby.
Company%20profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
