Lebanon reinstates lockdown amid economic crisis

Lebanon's President Michel Aoun (C) chairing a meeting of the Supreme Defense Council at the presidential palace in Baabda, east of the capital Beirut on November 10, 2020. (AFP)
Short Url
Updated 11 November 2020
Follow

Lebanon reinstates lockdown amid economic crisis

  • Lebanese banks still control 90 percent of the circulation, which helps the country avoid additional increases in inflation rates

BEIRUT: As he met with a delegation from the Association of Depositors in Lebanon on Tuesday, the country’s central bank governor, Riad Salameh, stressed: “Lebanon is not bankrupt.”

The governor continued: “However, the financial sector is suffering due to the repercussions of the regional crisis that Lebanon has not been able to break free from, organized smear campaigns that were used as instruments of pressure over the past 3 years, and the public losses due to the increasing current account and budget deficits over the past 5 years. These factors had an impact on the national exchange rate.”

Salameh’s statement coincided with the decision of the Supreme Defense Council, which convened under the chairmanship of President Michel Aoun, to reinstate a two-week lockdown starting next Saturday, with a curfew from 5 p.m. to 5 a.m. every day in an attempt to reduce the country’s rate of coronavirus disease infections.

“Despite the under-performance and stagnation caused by the coronavirus and the country’s decision to not honor its external obligations (Eurobonds), which directly affected the flow of foreign capital and hard currencies, the central bank has proven that it has done its job in a professional way,” Salameh added.

“Lebanese banks still control 90 percent of the circulation, which helps the country avoid additional increases in inflation rates. Since the beginning of the crisis, the central bank granted banks loans in US dollars and Lebanese Pounds (LBP), allowing them to meet the demand on liquidity.

Estimates show that $10 billion is stored in Lebanese houses, which requires a new organizational mechanism to restore the trust in banks. This includes the setting up of a Lebanese digital currency project in 2021 to help implement a cashless system that allows the movement of the money market locally and abroad.

“Lebanon does not have any natural resources. That is why we need to preserve the gold we have because it is an asset that can be liquified in foreign markets if we are ever to face an inevitable fateful crisis,” Salameh pointed out.

The formation of the new Lebanese government is still facing hurdles due to the conditions imposed by the political parties on Prime Minister-designate Saad Hariri, especially by the head of the Free Patriotic Movement, Gebran Bassil, who was sanctioned by the US a few days ago.

The adviser to the French President Emmanuel Macron for the affairs of the Middle East and North Africa, Patrick Durel, is expected to arrive in Beirut on Wednesday night to try and assess the possibility of reviving the French initiative concerning the formation of a government whose mission is to implement reforms.

The US sanctions turned into a dispute between Bassil and the US Ambassador to Lebanon Dorothy Shea, who, on Monday, said Bassil “has a misunderstanding about how sanctions work and a lack of understanding about US policy.” This came in response to the press conference Bassil held last Sunday to defend himself.

Shea affirmed that the sanctions targeting Bassil were “against the individual not the party.”

She also welcomed Bassil’s decision to challenge the sanctions in a US court of law, adding that “Mr. Bassil complained that I did not forewarn him that he would be sanctioned on grounds of corruption, as if that was my responsibility to reveal prior to the designation. It was not. There are various authorities under US law for sanctions. The fact that Mr. Bassil has been designated at this time under the Global Magnitsky Act, does not mean that he or any others, for that matter, could not be sanctioned under a different authority at some later date.”

“During our exchanges, he expressed willingness to break with Hezbollah on certain conditions. He actually expressed gratitude that the US had got him to see how this relationship is disadvantageous to the party. Key advisors even informed me that they had encouraged Mr. Bassil to take this historic decision,” Shea revealed.

Bassil responded to Shea by asking her about “the evidence on the basis of which he was accused of being involved in corruption,” after she had said that such evidence could not be published. He also expressed his commitment to the alliance with Hezbollah.


Jordan FM holds talks with French, Irish, Slovak counterparts on Gaza crisis, Iran tensions

Updated 12 sec ago
Follow

Jordan FM holds talks with French, Irish, Slovak counterparts on Gaza crisis, Iran tensions

  • Ayman Safadi says negotiations between Israel and Iran ‘the only way to protect the region from the expansion of the war’
  • Foreign minister praises France, Saudi Arabia for co-leading efforts to organize global forum on two-state solution

AMMAN: Jordan’s Minister of Foreign Affairs Ayman Safadi held a series of discussions on Thursday with European counterparts from France, Ireland, and Slovakia, focusing on efforts to end the escalating crises in the Middle East and revive diplomatic paths toward peace.

In Paris, Safadi met with French Minister of Europe and Foreign Affairs Jean-Noel Barrot, with the two ministers stressing the urgent need to de-escalate tensions between Israel and Iran and resume negotiations as “the only way to protect the region from the expansion of the war and its dangerous repercussions.”

Safadi welcomed talks planned for Friday in Geneva between France, Germany, the US, and Iran, expressing hope they would give diplomacy a chance to resolve the Iranian nuclear issue, the Jordan News Agency reported.

Both he and Barrot also called for intensified international efforts to secure a permanent ceasefire in Gaza, and ensure the immediate and sufficient delivery of humanitarian aid.

Safadi said the inhumane reality in Gaza, marked by massacres, starvation, and collective suffering, must end, and warned that illegal Israeli measures in the West Bank are further eroding chances of a viable two-state solution.

He reiterated Jordan’s backing of the 2002 Arab Peace Initiative and called for international recognition of the state of Palestine, saying such a move affirms the “inevitability” of the two-state solution as the only path to a just peace.

Safadi also praised France’s “key” role in co-leading efforts, alongside Saudi Arabia, to organize an international conference on the two-state solution, which had been postponed due to the recent Iran-Israel escalation.

The ministers also addressed the situation in Syria, highlighting the need for a unified approach that supports Syria’s sovereignty, eliminates terrorism, ensures refugee return and lays the groundwork for reconstruction.

They reaffirmed their commitment to Lebanon’s stability and the wider humanitarian mission in Gaza.

In a separate phone call with Irish Minister of Foreign Affairs Simon Harris, Safadi discussed similar themes, with both stressing that ending the war and resuming nuclear negotiations with Iran were essential to resolving broader regional instability.

They called for enhanced UN humanitarian access to Gaza and warned against actions in the West Bank that could jeopardize the two-state solution. Safadi thanked Ireland for its longstanding support of Palestinian statehood and rights in line with international law.

Later in the day, Safadi also held talks with Slovak Foreign Minister Juraj Blanar. The pair echoed concerns over regional escalation and underlined the urgency of a ceasefire in Gaza.

Safadi and Blanar also explored ways to deepen ties and expand cooperation between Jordan and the EU, reaffirming a shared commitment to regional peace and security.


Israel changing ‘the world’ with Iran war: Netanyahu

Updated 10 min 40 sec ago
Follow

Israel changing ‘the world’ with Iran war: Netanyahu

  • The Israeli prime minister welcomed ‘all help‘ in destroying the Islamic republic’s nuclear sites, in an apparent nod to the US

JERUSALEM: Israeli Prime Minister Benjamin Netanyahu said Thursday that Israel was “changing the face of the world” in its war with Iran, as he welcomed “all help” in destroying the Islamic republic’s nuclear sites.
“I said that we’re changing the face of the Middle East, and now I say we’re changing the face of the world,” he told public broadcaster Kansas
Seven days into the war, Netanyahu said Israeli forces were ahead of schedule in their offensive against Iranian nuclear and missile sites, but refused to provide a clear timeline for an end to the most intense confrontation in history with arch foe Tehran.
“We are at war. I’m not going to reveal our timeline. I’m not going to tell them (the Iranians) what we’re preparing,” said Netanyahu.
“When you enter a war, you know when it begins, but not when it ends,” he added.
He said Israel had already destroyed “more than half” of Iran’s missile launchers and was “capable of striking all of Iran’s nuclear facilities.”
But, in an apparent nod to key ally the United States, Netanyahu added: “All help is welcome.”
During his interview with Kan, Netanyahu went on to say that US President Donald Trump “will do what is good for for the United States, and I will do what is good for the State of Israel.”
Following the remarks, Trump offered a fresh timeline for a possible US intervention in the conflict, saying in a statement that he would decide whether to attack Iran within the next two weeks due to a “substantial” chance of negotiations.


Ukrainian in Israel to treat sick daughter killed in Iran strike: mayor

Updated 54 min 47 sec ago
Follow

Ukrainian in Israel to treat sick daughter killed in Iran strike: mayor

  • The city of Bat Yam identified the victim as Maria Peshkarova, 31
  • Peshkarova had traveled to Israel in 2022 on a medical visa to seek life-saving treatment for her daughter, 8

JERUSALEM: The body of a Ukrainian mother who had traveled to Israel for her daughter’s leukemia treatment was recovered on Thursday from a building struck by an Iranian missile four days earlier, Israeli officials said.

The city of Bat Yam, close to Tel Aviv, announced that “in the past few minutes, a body was found at the site of the missile impact,” identifying the victim as Maria Peshkarova, 31, also known as Marina.

Peshkarova had traveled to Israel in December 2022 on a medical visa to seek life-saving treatment for her daughter Anastasia, 8, who was killed along with her grandmother in the destroyed apartment bloc in Bat Yam, according to the mayor’s office.

Peshkarova’s husband is fighting in Ukraine’s war against Russia, according to the Israeli news website Ynet.

Israeli authorities had previously released the names of eight people killed in the strike and had stated that one person was missing.

Peshkarova’s confirmed death takes the total deathtoll in Israel to 25 since the war with Iran started on Friday, according to authorities.

Ukraine’s Ministry of Foreign Affairs announced Sunday that five of its nationals were killed in the Iranian strike on Bat Yam near Tel Aviv, including three minors.

Ukraine on Tuesday urged its citizens to leave Israel and Iran as soon as possible amid the spiralling conflict between the two countries.


Israel restarts limited gas exports amid ongoing conflict, Egypt still waiting

Updated 19 June 2025
Follow

Israel restarts limited gas exports amid ongoing conflict, Egypt still waiting

  • A ministry spokesperson said exports are now resuming “from surpluses, after domestic needs are met“
  • An energy ministry source said most of the limited exported gas is currently flowing to Jordan

CAIRO: Israel has resumed limited natural gas exports from surplus supplies, the country’s Energy Ministry said on Thursday, nearly a week after shutting down two key offshore fields as Israel and Iran waged an air battle.

A ministry spokesperson told Reuters that exports are now resuming “from surpluses, after domestic needs are met.”

An energy ministry source said most of the limited exported gas is currently flowing to Jordan, and only “tiny volumes” reached Egypt this week.

Egyptian fertilizer producers, who were forced to halt operations due to the supply disruption, told Reuters they have yet to receive any gas but expect flows to resume next week.

The Egyptian Petroleum Ministry did not immediately respond to a Reuters request for comment.

Following military escalation in the region, Israel halted exports on June 13 after closing the Leviathan field, operated by Chevron and the Karish field operated by Energean. Only the Tamar field has remained operational, supplying mainly domestic demand.

Israeli Energy Minister Eli Cohen said on Wednesday that exports would only resume once military authorities deemed it safe.

“I don’t want to use our strategic storage, so therefore, I needed to cut exports,” he told Reuters.

Egypt, which has increasingly relied on Israeli gas since a domestic production decline in 2022, is scrambling to compensate for the supply gap.

The country has ramped up fuel oil use in power plants and has signed deals to import over $8 billion worth of liquefied natural gas, while preparing additional floating regasification units.

Israeli gas typically accounts for up to 60 percent of Egypt’s total gas imports and around a fifth of its total consumption, according to data from the Joint Organizations Data Initiative (JODI).


Aoun seeks US support to stabilize security in southern Lebanon

Updated 19 min 22 sec ago
Follow

Aoun seeks US support to stabilize security in southern Lebanon

  • Lebanese leader announces dramatic increase in troop deployment south of the Litani River
  • Hezbollah warns that threats to kill Khamenei risk severe consequences

BEIRUT: In an attempt to restore peace in southern Lebanon, President Joseph Aoun outlined key priorities during talks with Thomas Barrack, the US ambassador to Turkiye and special envoy to Syria.

Aoun said his country needs US support to restore security and stability in the region.

He called for Israeli forces to withdraw from the five hills they occupy and urged an end to hostile actions.

Aoun also emphasized the need to extend UNIFIL’s mandate, which operates in coordination with the Lebanese army to implement UN Resolution 1701 and aims to deploy along Lebanon’s internationally recognized border.

Aoun revealed plans to bolster Lebanon’s military presence in the south.

He announced that Lebanon will increase its army troops south of the Litani River to 10,000 soldiers.

Aoun said these units are working to implement UN Resolution 1701 fully, removing visible weapons, confiscating arms and ammunition, and ensuring only official security forces are armed.

But, he said, Israel’s occupation of the five hills and surrounding areas was hindering the army’s efforts.

The Lebanese president reaffirmed Lebanon’s commitment to uphold the principle of exclusive state control over weapons.

Aoun told Barrack that discussions were ongoing at both the Lebanese and Palestinian levels regarding the issue of Palestinian refugees’ weapons in the camps.

He expressed hope that the talks would intensify once the regional situation, recently disrupted by the escalating Israeli-Iranian conflict, stabilizes.

A source from the presidency told Arab News that Lebanon planned to move weapons north of the Litani River, but that the process would take time.

After Lebanon’s civil war, the source said Hezbollah gradually handed over its weapons to the government — a process that took considerable time to complete.

A source said that Barrack — temporarily handling Lebanese matters until a successor to former US envoy Morgan Ortagus is named — showed understanding and a positive attitude toward Lebanon’s position during meetings with political officials about the disarmament process.

Although no prompt response followed Barrack’s alert about the possibility of Hezbollah supporting Iran, the group released a statement on Thursday denouncing US threats against Ali Khamenei.

Hezbollah warned: “Threatening to kill him is not only a political folly, but a recklessness that will have dangerous repercussions.”

Hezbollah emphasized that “today, we stand more determined than ever to adhere to Imam Khamenei’s path and firm positions in confronting, along with the Islamic Republic, the Israeli-US aggression. Through its blind support for Israel, the US is marching toward an abyss from which it will not survive.”

Also on Thursday, the Iranian Embassy in Lebanon received a large delegation of Lebanese parties, forces, and figures allied with Hezbollah, and a coalition of Palestinian forces and factions close to the party, who came to “declare their solidarity with Iran against the Israeli aggression.”

Tawfiq Samadi, the charge d’affaires at the embassy, said that “any military action taken by Iran will be limited, targeted, gradual and proportionate to the threat.”

He said he “held the US responsible for its full support of Israel in its crimes against Iran. While it is not yet a direct party to the aggressions, continued US support for the actions of the Israeli entity will carry strategic and legal consequences.”