On Tuesday, the Lebanese pound plunged to 15,000 against the dollar, a new sign of Lebanon’s near-total economic collapse, as well as the inability – sometimes unwillingness – of most of its politicians to do anything about it. A state’s ability to function is equal parts a matter of politics and economy. In Lebanon, both are in total disarray.
Banknotes and coins are more to a nation than legally binding pieces of paper and metal. In many countries, currency denotes a promise to "pay the bearer the sum" of a certain amount, a simple enough function. Nonetheless, in the UK, for example, preserving the deeper symbolism of the national currency was deemed so important by some citizens that it sparked an entire political movement to protect it against the EU-wide rollout of the Euro in 2002.
When it comes to the Lebanese pound, there are more pressing issues to worry about. The World Bank now considers half of all Lebanese citizens to be living in poverty. In less than a month, the pound has nosedived by 50 per cent. A lack of hard foreign currency reserves, so important for a state that relies heavily on imports, means many do not have access to essentials goods, such as food and medicine. The nation faces a crisis in debt, fiscal spending and in its once-leading banking sector, which had previously given it the nickname the "Switzerland of the Middle East".
Lebanon's descent is a reminder how bad things can get, particularly in resource-poor and politically volatile countries, particularly in the Middle East
The Lebanese economy of today operates on fragile foundations. Since the civil war ended in 1990, successive governments have shirked dealing with compounding levels of public debt, a result of excessively unsustainable spending. The country's modern economic model generates insufficient domestic capital, and is instead overly reliant on money coming in from outside, whether through foreign aid, tourism and, most importantly, remittances from Lebanese living abroad.
There are huge levels of corruption, often worst exemplified in the public sector. Fighting corruption is the most common trait uniting protestors on the streets of Lebanon. While enriching themselves, some of the most influential voices in Lebanese politics, largely aligned with Hezbollah, are happy to push narratives that revel in the nobility of poverty and fuel a resistance mentality built on false claims of international conspiracies against Lebanese society.
There are a number of avenues for the government to secure financial help. Organisations like the IMF and various foreign partner countries, most notably France, stand ready to do so. All potential donors have made major reform a condition for any bailout. Unsurprisingly, it has been impossible to enact this change in a political system that lacks the will to improve, given the fact that so many in power benefit from its dysfunction. Any reformer that overcomes this pervasive challenge would still face the near-impossible task of fixing a dysfunctional economy that has been mutating over decades. The prime minister designate Saad Hariri continues to seek cooperation from other political actors to put together a cabinet of technical experts to rescue the economy but is met with stubborn narrow political interests.
Lebanon's descent is a reminder how bad things can get, particularly in resource-poor and politically volatile countries, particularly in the Middle East. In a domestic system as damaged as this, Lebanon’s people deserve support. Their allies must not give up on them.
Company%20Profile
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UAE currency: the story behind the money in your pockets
Fight Night
FIGHT NIGHT
Four title fights:
Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title
Six undercard bouts:
Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
UAE currency: the story behind the money in your pockets
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
More on Quran memorisation:
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
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
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
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
