About $18 million of a World Bank loan will be allocated to Lebanon’s crumbling public health sector in an attempt to reduce inflated bills for vulnerable patients, Health Minister Firass Abiad told The National on Thursday.
Lebanon’s Public Health Ministry normally foots 85 per cent of the bill for hospital patients without private insurance, but this amount has dropped significantly with the massive devaluation of the Lebanese pound in the past two years caused by the country’s economic collapse.
To cover extra costs incurred by the devaluation, hospitals have raised their bills by up to five-fold, pushing a large number of Lebanon’s poorest out of the healthcare system. Mr Abiad estimated that the ministry covers the healthcare costs of more than 40 per cent of the population.
The central bank has not removed the official peg of 1,500 Lebanese pounds to the dollar despite market rates hitting 23,000 Lebanese pounds to the dollar this week. Public bodies such as the Health Ministry, work with an exchange rate that is 15 times lower than the cost of most imported goods, paid for in cash dollars.
In an attempt to bring down hospital costs, as well as the final bill issued to patients, the ministry and the World Bank announced in a joint press conference on Thursday morning the launch of a support programme with a budget of between $16 and $18 million, to be disbursed over the next six to eight months, said Mr Abiad.
“Hospitals are finding it very difficult to retain staff, doctors … due to the financial situation in the country,” World Bank regional director Saroj Kumar Jha said at the press conference.
The World Bank will tap into a 2017 loan to Lebanon’s health sector of $120 million, nearly half of which has already been disbursed to fight the coronavirus pandemic in Lebanon.
The health ministry plans to reimburse 3.5 times more to hospitals treating patients under its coverage than it used to — still working with the official exchange rate. This will not cover all the extra costs incurred by hospitals but it is expected to partly alleviate their financial burdens.
“It’s very difficult to tell hospitals to not ask patients to pay extra,” said Mr Abiad, who used to direct Lebanon's largest public hospital prior to his ministerial nomination. “A better step is to make sure they receive financial incentives which may act as leverage in future negotiations.”
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
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
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
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What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
