France and the United Nations will co-host on Wednesday their second conference to help rebuild the Lebanese capital after a deadly explosion at the port in early August.
Initially planned for October, the conference has been delayed by over a month and will focus on assessing the results of a first humanitarian conference that took place on August 9, five days after the blast killed 205 people and injured thousands.
"France has not lost interest in Lebanon and wants to follow up on the aid that was announced by the international community during the August 9 humanitarian conference and conduct a first assessment" a French source told The National.
Around $300 million, including $50 million from France, have been disbursed or assigned up to now, according to a source involved in the conference.
The aim of Wednesday’s conference is to “understand what sectors of Lebanese society still need help to better direct humanitarian aid over the next weeks and months, including support to small businesses and the emergency rehabilitation of key infrastructure like water supply and sanitation,” said the source. “This is not a reconstruction conference.”
French President Emmanuel Macron visited Lebanon twice after the blast. He called for funds to be sent “directly to the Lebanese people” instead of transiting via the Lebanese government, which is accused of corruption.
On September 1, Mr Macron announced that a conference would take place in the second half of October, but it was later pushed back to December 2.
During his visits to Lebanon, the French President also tried to pressure Lebanese politicians to respond to the IMF’s demands as part of negotiations to save the small Mediterranean country’s imploding economy.
The Lebanese government asked for IMF support in May this year after defaulting on its debt for the first time in its history.
But in exchange, the IMF made several requests, including that Lebanese lawmakers legislate to formalise the capital controls that banks implemented in November 2019 and audit key institutions such as the central bank.
Lebanese politicians promised Mr Macron that they would follow-up on these demands but have yet failed to do so, blaming each other instead for stalling reforms.
Lebanon has been without a fully functioning government since Prime Minister Hassan Diab resigned on August 11 after the Beirut tragedy.
On September 1, Mr Macron warned that if a new government was not formed within two weeks and if reforms were stalled, France would “draw the necessary conclusions – that of a misunderstanding.”
The audit of the central bank recently drew scrutiny after international audit company Alvarez & Marsal withdrew from the forensic aspect of the audit because the bank failed to deliver the necessary documents, citing Lebanon’s banking secrecy law.
The contract for the audit was signed on August 31 between the Finance Ministry and three firms, including Alvarez & Marsal.
Last Friday, Lebanese lawmakers gathered on the request of President Michel Aoun. “Auditing is necessary so that Lebanon is not considered a rogue or failed state in the eyes of the international community” he wrote in a letter to Parliament.
MPs issued a recommendation that the audit of the BDL and any other state institutions should not be covered by Lebanon’s banking secrecy law.
“This is great as a declaration,” MP Yassine Jaber said after the session, “but the problem in Lebanon is always implementation.”
MP Georges Adwan said that Parliament will pass the decision into law should BDL refuse to follow their recommendation.
“In this case we will go with a further step to vote the decision into a law,” he told journalists.
Mr Adwan said that Lebanon will need to sign a new contract for the forensic audit.
But Parliament’s recommendation is not legally binding and government critics doubt it will have any effect despite Parliament Speaker Nabih Berri describing Friday’s meeting as “a fateful session”.
“It’s a charade,” Sami Atallah, director of the Lebanese Centre for Policy Studies, told The National. “I don’t know if they’re trying to fool the international community, but I can’t imagine that it will work”.
Lebanese politicians, who are widely accused of profiting from a weak state for personal enrichment, have no interest in transparency, said Dr Atallah.
“They have either benefited from the system or failed to hold accountable those who benefited,” he said.
Meanwhile, the central bank’s reserves are running low. Its governor has warned multiple times that it will not be able to continue subsidising key imports, raising worries of social unrest. Over half the Lebanese have been pushed into poverty in the past year.
Last Wednesday, Reuters reported that the central bank was studying lowering the threshold for obligatory foreign exchange reserves to delay the cessation of subsidies.
“Lebanese politicians are saying: we do not have the money, and the IMF won’t come to us as long as we don’t come clean, so we’ll milk the cow that we have,” said Dr Atallah. “They’re trying to preserve the interest of the central bank and the banking sector at the expense of everyone else.”
“This is just a ticking bomb. They’re living on borrowed time,” he warned.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
UAE currency: the story behind the money in your pockets
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
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- Senior process engineer: Dh28,000 to Dh38,000
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MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
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Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
Results
6.30pm: Maiden Dh165,000 (Dirt) 1,600m
Winner: Celtic Prince, David Liska (jockey), Rashed Bouresly (trainer).
7.05pm: Conditions Dh240,000 (D) 1,600m
Winner: Commanding, Richard Mullen, Satish Seemar.
7.40pm: Handicap Dh190,000 (D) 2,000m
Winner: Grand Argentier, Pat Dobbs, Doug Watson.
8.15pm: Handicap Dh170,000 (D) 2,200m
Winner: Arch Gold, Sam Hitchcott, Doug Watson.
8.50pm: The Entisar Listed Dh265,000 (D) 2,000m
Winner: Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm: The Garhoud Sprint Listed Dh265,000 (D) 1,200m
Winner: Ibn Malik, Dane O’Neill, Musabah Al Muhairi.
10pm: Handicap Dh185,000 (D) 1,400m
Winner: Midnight Sands, Pat Dobbs, Doug Watson.
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
