The International Monetary Fund is exploring all options to help Lebanon deal with the economic fallout of the devastating explosion and has asked the international community to support the country, which was already reeling under the stress of a financial crisis and the Covid-19 pandemic.
“The IMF is exploring all possible ways to support the people of Lebanon,” IMF managing director Kristalina Georgieva, said in a statement on Thursday evening.
“It is also a time for the international community and the friends of Lebanon to step up to help the country in this moment of urgent need.”
It is essential to overcome the impasse in the discussions on critical reforms and put in place a meaningful program to turn around the economy and build accountability and trust in the future of the country
Ms Georgieva's statement follows the World Bank statement earlier on Thursday saying it is ready to do a rapid “damage and needs assessment” and to develop a reconstruction plan for Lebanon as per international standards.
The multilateral lender said it is ready to share lessons and experiences from across the world in managing post-disaster recovery and reconstruction processes.
“The World Bank Group is open to participating actively in a platform with Lebanon’s partners in order to mobilise public and private financial support for reconstruction,” according to the statement.
It would also be “willing to reprogramme existing resources and explore additional financing to support rebuilding lives and livelihoods of people impacted by this disaster," it added.
The explosion, which has been blamed on 2,750 tonnes of ammonium nitrate in a warehouse, killed at least 145 people and injured about 5,000 others.
It is the largest catastrophe of its kind for the country, which emerged from its last civil war in 1990, and exacerbates the economic crisis it is facing.
Beirut's Governor Marwan Abboud said the damage from the blast extended across half the city and was estimated to cost $15 billion (Dh55bn).
The country has received an outpouring of support, with aid including food and medical supplies, fuel and rescue workers coming from nations around the world.
French President Emmanuel Macron arrived in Lebanon on Thursday for a snap visit to show support.
"Lebanon is not alone," Mr Macron said on Twitter hours before he landed in the Lebanese capital, where Lebanese President Michel Aoun received him.
The IMF said it was time for national unity - to overcome the disaster, as well as to address the deep economic and social crisis that the country continues to face.
“It is essential to overcome the impasse in the discussions on critical reforms and put in place a meaningful program to turn around the economy and build accountability and trust in the future of the country,” Ms Georgieva said.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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
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- 600-seat auditorium
- Spaces for historical and cultural exploration
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- Specialist robotics and science laboratories
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
MATCH INFO
Austria 2
Hinteregger (53'), Schopf (69')
Germany 1
Ozil (11')
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Wednesday and the pair embraced but he failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
POSSIBLE ENGLAND EURO 2020 SQUAD
Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
