It is often said that accountability is a key tenet of good governance. This is something we clearly lack in Lebanon. Too often, government institutions fail to meet the needs of citizens or to properly allocate resources in a transparent way that benefits them.
This is a country with so much potential and yet so little effort is made to reap the benefits that could be enjoyed, once proper structural reforms are undertaken.
Lebanon has been bearing the severe consequences of the war in Syria in 2011, with 1.5 million Syrian refugees living within its borders. Coupled with a lack of a comprehensive economic vision, endemic corruption and political instability, challenges that the country has long faced are being exacerbated by the regional situation.
That has manifested itself in sluggish economic growth averaging 1 per cent, chronic twin deficits in both budget and foreign trade, and an alarming fiscal deficit – the difference between budget revenue and expenditure – equating to more than 11 per cent of GDP. As a result, the debt-to-GDP ratio exceeded 160 per cent, one of the highest in the world.
This drastic economic situation calls for proper action from government to allow the economy to grow and prosper. That action has been lacking. A well-planned budget is crucial for any government to ensure economic stability, growth and the creation of jobs. Lebanon had the opportunity, during the 19 sessions that were held by the government to discuss the budget, to enact a plan that was capable of ensuring an effective tax policy and a productive economic vision.
Unfortunately, this was not the case. In addition to missing all constitutional deadlines, the Council of Ministers last month approved a draft budget that lacked any sort of vision or will to put forward much-needed real reform.
Instead of structural reform in the public sector, it sought to transfer costs to the private sector through new taxes that were either poorly assessed or had not been assessed not at all.
The approved budget was clearly designed to meet one of the conditions of the $11 billion funds promised at last year’s Cedre conference in Paris – namely, reducing the fiscal deficit by 1 per cent of GDP annually over five years.
This was evident in the optimistic revenue figure projections amid a period of stagflation, despite the fact the government has always failed to meet budgeted figures in previous years. The most alarming aspect was the wage bill, constituting more than 37 per cent of total expenditure, compared to an Organisation for Economic Co-operation and Development average of 15 per cent, with no major effort made to reduce public sector costs, clearly pointing to a lack of will to tackle corruption, clientelism and economic mismanagement.
The main consequence if this draft budget is adopted will be a recessionary effect on consumption, one of the main pillars of GDP. The proposed revenue measures will not only affect citizens’ purchasing power but also feed into higher inflation and hence impact overall economic growth.
The budget merely focused on targeting fiscal deficit, with no view to economic growth or social progression. The government has failed to tackle tax evasion or enforce laws. This weak rule of law and poor governance poses a major threat to social and economic development, hindering structural reforms and policies requiring action.
The country is now in great need of an overarching comprehensive economic vision that can be translated into a medium-term framework. This vision should not only include targets and aspirations but focus on how our economy can be saved, coupled with political will and drive.
The economy needs direction. It needs a coherent and credible vision to spur economic revitalisation and to advance a set of robust policies.
Time is of the essence and action should be taken immediately to cushion the threat our economy is facing. The ultimate priority needs to be given to implementing principles of accountability, good governance and equal opportunity.
We dream of a welfare state that plays a crucial role in protecting the economic and social wellbeing of citizens, promoting a competitive, strong, resilient Lebanon, and of a government that enables people to lead fruitful lives.
These dreams can still be achieved. Parliament can still incorporate reforms and adjustments to the budget before its final ratification this month.
The budget, if done properly, will be the first right step on a long way towards a better Lebanon. Despite its compact size, Lebanon’s people, produce and success stories have marked its spot on the global map. I have full faith in my country but it cannot prosper on its own.
Samy Gemayel is an MP and the leader of the Kataeb party in Lebanon
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
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THE%20SPECS
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Company%20Profile
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
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RESULT
Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Mohammed bin Zayed Majlis
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
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
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Engine: 3.0-litre six-cylinder turbo
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
