Lebanon, saddled with one of the world’s highest debt-to-GDP ratios, expects its 149 per cent debt level of last year to carry over into 2018 as sluggish growth and a lingering fiscal deficit continue to exacerbate the country’s public finances, a senior finance ministry official said.
“Lebanon is an island nowadays from an economic point of view,” said Alain Bifani, the director general of the finance ministry. “We are not anymore connected to many countries around us because many of those countries have wars.”
Lebanon’s economy is hurting from Syria's seven-year war, which curtailed an important trade and business route, and led to the influx of one million Syrian refugees. The country’s heavy debt burden is also a concern for investors, who are not as eager as before to invest in a country that is struggling to control it finances. Lebanon's economy is forecast to expand 2.1 per cent this year in line with the estimate of the IMF, and about the same as 2017, Mr Bifani said. The fiscal deficit is forecast to widen to 8 per cent of GDP in 2018, from 7.7 per cent deficit last year, he said.
The country, which finances its deficit through the issuance of treasury bills and Eurobonds, does not expect to tap the Eurobond markets soon as it can currently finance the shortfall for at least three months, he said. Lebanon suffered from a temporary shock last year with the surprising resignation of Prime Minister Saad Hariri, which was later rescinded. The political turmoil had a limited impact on the economy, which included some withdrawal of bank deposits and a widening of spreads on Lebanese Eurobonds.
According to Bank of America Merrill Lynch, Lebanese Eurobonds are cheap compared to similar-rated sovereigns.
“Lebanon's external debt has cheapened recently following political developments, but the domestic political situation appears to be stabilising,” said Jean-Michel Saliba, the bank's Mena economist. “Eurobonds are tightly held by domestic banks and, as such, they have generally enjoyed defensive and low-beta status."
However, the economic conditions in the country remain anaemic, according to the Purchasing Managers’ Index, a gauge of the health of the economy which is sponsored by Lebanon’s Blom Bank and compiled by IHS Markit.
According to the gauge, business conditions in November continued to remain weak, although the PMI reading of 46.2 was a three-month high and better than October’s 45.8. A reading above 50 indicates an improvement in business conditions and a reading below 50 indicates a deterioration.
“Anecdotal evidence found that political instability continued to undermine economic performance, with issues around security and cash flow also playing a part in the latest contraction,” said the PMI report.
Lebanon, however, is banking on new initiatives to help lift growth and improve the country’s public finances. The country approved last year its 2017 budget, for the first time since 2005, giving an initial boost to the economy.
The government is also mulling an increase in public investment, which could be partly funded by domestic financing if there are guaranteed high returns, Mr Bifani said.
“It is an exercise that is being done in light of infrastructure needs of Lebanon and potential donor money that could be mobilised in the coming months,” he said.
The IMF, though, cautioned the Lebanese authorities to refrain from financing the increment from its own pockets to avoid exacerbating its public finances.
“Any such scaling up must be embedded in a fiscal consolidation plan that ensures debt sustainability,” Chris Jarvis, IMF’s mission head to Lebanon, said in December after visiting the country. “It will also be important that as much as possible of the financing for increased investment be on grant or concessional terms. Domestic financing of public investment should be avoided.”
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
The biog
Name: Ayisha Abdulrahman Gareb
Age: 57
From: Kalba
Occupation: Mukrema, though she washes bodies without charge
Favourite things to do: Visiting patients at the hospital and give them the support they need.
Role model: Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood.
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
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The%20specs
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A list of the animal rescue organisations in the UAE
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
RACECARD
6pm: Al Maktoum Challenge Round-1 – Group 1 (PA) $50,000 (Dirt) 1,600m
6.35pm: Festival City Stakes – Conditions (TB) $60,000 (D) 1,200m
7.10pm: Dubai Racing Club Classic – Listed (TB) $100,000 (Turf) 2,410m
7.45pm: Jumeirah Classic Trial – Conditions (TB) $150,000 (T) 1,400m
8.20pm: Al Maktoum Challenge Round-1 – Group 2 (TB) $250,000 (D) 1,600m
8.55pm: Cape Verdi – Group 2 (TB) $180,000 (T) 1,600m
9.30pm: Dubai Dash – Listed (TB) $100,000 (T) 1,000m
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
Result
6.30pm: Al Maktoum Challenge Round-3 – Group 1 (PA) $65,000 (Dirt) 2,000m; Winner: Brraq, Ryan Curatolo (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) $65,000 (Turf) 1,800m; Winner: Bright Melody, James Doyle, Charlie Appleby
7.40pm: Meydan Classic – Listed (TB) $88,000 (T) 1,600m; Winner: Naval Crown, Mickael Barzalona, Charlie Appleby
8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m; Winner: Volcanic Sky, Frankie Dettori, Saeed bin Suroor
8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m; Winner: Star Safari, William Buick, Charlie Appleby
9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m; Winner: Zainhom, Dane O’Neill, Musabah Al Muhairi
Look%20Both%20Ways
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