Latest news with #EconomyandTrade
L'Orient-Le Jour
3 days ago
- Business
- L'Orient-Le Jour
Bisat: No economic recovery without security or monopoly on weapons
Minister of Economy and Trade Amer Bisat said Monday that Lebanon cannot recover economically without first restoring security, chiefly through the state's monopoly on weapons. Since the start of Joseph Aoun's presidency, Lebanese authorities have reaffirmed their willingness to reclaim exclusive control over armed forces, particularly after the latest war between Israel and Hezbollah. 'There will be no economic recovery without security,' Bisat said. 'And there will be no security without the state's monopoly on weapons and on decisions of war and peace.' Two silo projects Turning to Beirut port's grain silos — nearly destroyed in the Aug. 4, 2020, explosion — Bisat said the ministry is pursuing two separate initiatives. 'The first project concerns the old silos in Beirut. It's a complicated issue — ecologically, administratively and politically,' he said. 'The second is to build new silos in strategic areas, including Tripoli and the Bekaa.' Bisat stressed the north's importance, saying, 'There can be no recovery of the Lebanese economy without recovery in Tripoli's economy.' He highlighted the city's labor force, export capacity and artisanal industries. 'We'll do everything we can to support them.' The minister added that the government is 'very optimistic' about an investment plan linking Tripoli's port to the Rachid Karameh International Fair and Qleiaat airport. 'It's an advanced project, and many factors — political, economic and others — are needed to make it succeed,' he said. 'International funding is available, but we must implement reforms.' He confirmed that a board of directors will be formed to oversee the Karameh Fair. 'Tripoli is not being left off the economic map. The North is central to the state's economic plan,' Bisat said, announcing $250 million in World Bank funding for development, including $70 million in low-interest loans. 'We will try to distribute these funds fairly and efficiently.' In early July, rumors of a potential territorial deal between Damascus and Tel Aviv — reportedly involving Israel's occupied Golan Heights and the northern Lebanese city of Tripoli — sparked alarm in Lebanon. Tripoli remains one of the country's poorest cities. The Rachid Karameh International Fair, designed in the 1960s by Brazilian architect Oscar Niemeyer, was meant to be a regional hub for trade shows, cultural events and exhibitions. Once a symbol of Lebanon's post-independence ambitions, it has long sat idle. 'This is a national treasure,' Bisat said earlier this month. 'It can no longer be treated as just a beautiful architectural site. It must fulfill its economic potential.' Government 'committed' to Qleiaat Airport On the proposed redevelopment of Rene Moawad Airport in Qleiaat, Bisat said the government is finalizing studies on its economic and financial viability, with results expected by year's end. 'Prime Minister Nawaf Salam is committed to this project,' he said. 'We are studying the best path to launch it.' Built by the French military in 1938 and handed to the Lebanese Army in 1966, the airport was renamed in honor of President Rene Moawad, who was elected there before his assassination in 1989. The Salam government hopes to rehabilitate the site to supplement Beirut's main airport and bolster Akkar's long-overlooked economy.
Libya Herald
01-07-2025
- Business
- Libya Herald
CBL demands imports are conducted through official banking instruments and the elimination of the FX black market
In a series of letters leaked by credible Libyan media sites, the Central Bank of Libya (CBL) continues its efforts to positively affect the Libyan economy through retaining the value of the Libyan dinar by controlling the black-market trade in foreign exchange. Restricting imports through import licences – prerequisite payments through banks – no cash In one letter, the Governor of the Central Bank of Libya, Naji Issa, addresses the Minister of Economy and Trade regarding the resumption of the suspended decision on approving an import and export ruling, which prohibits the practice of import, export and re-export activity except through banking operations approved by the Central Bank of Libya. Opening foreign currency accounts for FX Bureaux The Central Bank of Libya instructed in another leaked letter commercial banks to open foreign exchange denominated accounts for recently CBL licenced foreign exchange bureaux and companies, and to replenish these accounts in foreign currency by the Central Bank of Libya and any other sources approved by it. Eliminating the foreign currency black-market In another letter, the CBL stressed the importance of eliminating the parallel (black) market for the transfer, sale and purchase of currency that have serious repercussions and damage on the Libyan economy. CBL's recall of LD and LD 20 denominations it will be recalled that last Sunday (29 June) the CBL had announced that during its recent recall of the old LD 50-dinar denominations (second series) printed by the eastern based authorities in Russia, it had discovered more than LD 3.5 billion in counterfeit notes. It said this constitutes serious damage to the national economy. The bank explained that what was issued from the first issue in denomination of 50 dinars amounted to 7 billion dinars, while the amounts supplied to the Central Bank of Libya amounted to approximately 6.828 billion dinars. Risk of money laundering and terrorist financing The bank said that printing this denomination in large quantities outside its control negatively affected the value of the Libyan dinar, contributed to increasing the demand for foreign currencies at significant levels in the parallel / black market, and doubled the risks of money laundering and terrorist financing. . CBL reveals discovery of LD 3.5 billion in counterfeit 50-dinar notes printed in Russia – PM calls on Attorney General to open investigation
Libyan Express
17-05-2025
- Politics
- Libyan Express
Ministers resign as protests intensify in Tripoli
Ministers resign as protests escalate against Libya's unity government Four ministers have resigned from Libya's Government of National Unity amid ongoing protests in Tripoli calling for Prime Minister Abdul Hamid Dbeibah to step down. Ramadan Bujanah, the second deputy to Prime Minister Dbeibah and acting Health Minister, announced his resignation and stated he supports 'the Libyan people and their legitimate demands,' local media outlets report. Other officials who have submitted resignations include Economy and Trade Minister Mohammed al-Huwaij, Local Government Minister Badr al-Tumi, and Housing and Construction Minister Abu Bakr al-Ghawi. The ministerial departures come as demonstrations continue in Tripoli and other western Libyan cities, with participants demanding the dissolution of the current administration and establishment of a new unified government. Protests resumed Friday evening following a period of violence earlier in the week. The capital experienced relative calm Thursday night, allowing Mitiga International Airport to reopen with Turkish Airlines resuming scheduled service Friday morning. An official from the Interior Ministry stated: 'Over the past 24 hours, no clashes were observed. It was the first night since Monday that residents could sleep without hearing explosions or gunfire.' The recent conflict began Monday when the 444th Brigade, which operates under the Ministry of Defence, conducted an operation against the Stability Support Apparatus. This resulted in the death of Abdulghani al-Kikli, who had been a significant militia leader in Tripoli since 2011. Additional fighting occurred between Tuesday and Wednesday involving the 444th Brigade and the Deterrence Force, which is connected to the Presidential Council. UN Secretary-General António Guterres has urged all parties to respect the ceasefire and engage in dialogue, noting that at least eight civilians have been killed in the recent violence.
Iraq Business
14-05-2025
- Business
- Iraq Business
Iraq Assumes Presidency of Economic and Social Council
By John Lee. Iraq has assumed the presidency of the Economic and Social Council at the ministerial-level meeting in Baghdad, part of the preparations for the Fifth Arab Economic and Social Development Summit. The outgoing president, Lebanese Minister of Economy and Trade Amir Bisat, expressed confidence in Iraq's leadership. Taking over the presidency, Iraq's Minister of Trade, Mr. Athir Dawood Salman [Atheer Dawood Al-Ghurairi], emphasised the need for greater collective Arab efforts to build a resilient economy. The Secretary-General of the League of Arab States, Mr. Ahmed Aboul Gheit, congratulated Iraq and stressed the importance of a unified Arab vision for economic integration. Full statement from the Ministry of Foreign Affairs: The ministerial-level meeting of the Economic and Social Council, launched in Baghdad, as part of the preparations for the Fifth Arab Economic and Social Development Summit. The session opened with a speech by Mr. Amir Bisat, Minister of Economy and Trade of the Lebanese Republic and President of the Council's previous session. He highlighted key accomplishments achieved during Lebanon's tenure and underscored the importance of continued joint Arab action in addressing the region's pressing challenges. Minister Bisat officially handed over the presidency of the Council to the Republic of Iraq, expressing appreciation for Iraq's steadfast support of Arab causes, particularly its solidarity with Lebanon during times of hardship. He also conveyed his confidence in Iraq's ability to lead the Council with competence and ability. The Minister of Trade Mr. Athir Dawood Salman assumed the presidency of the current session and welcomed the participating Arab delegations to "Baghdad of Peace" and commended Lebanon for its constructive leadership in the previous session. In his remarks, Minister Salman emphasized that "the Arab nation stands at a historic juncture that calls for deepened collective efforts and greater self-reliance to build a robust and productive Arab economy capable of overcoming regional and global challenges." Secretary-General of the League of Arab States, Mr. Ahmed Aboul Gheit congratulated Iraq on assuming the presidency and extended his best wishes for a successful term. He noted the rapid transformations taking place across the Arab economy and stressed the need for a unified Arab vision that promotes regional integration and market stability. Secretary-General Aboul Gheit also highlighted Iraq's positive trajectory and affirmed that the summit's agenda will focus on the region's most pressing economic and developmental priorities. (Source: Ministry of Foreign Affairs)
Iraqi News
13-05-2025
- Business
- Iraqi News
Lebanon: Opening a new page of investment, trade rapprochement with Iraq
INA – BAGHDAD Lebanese Minister of Economy and Trade, Amer Bisat, affirmed on Tuesday, on the sidelines of the meeting of the Economic and Social Council of the Arab Summit, that efforts are underway to activate the joint committee between Iraq and Lebanon as well as open a new page of trade rapprochement between the two countries. The Lebanese Minister of Economy and Trade told the Iraqi News Agency - INA: "His country is working to activate the joint trade committee with Iraq and open a new page of investment and rapprochement between the two countries." He added, "Iraq has always been a supporter of Lebanon in all circumstances and has never stopped assisting the Lebanese people in the most difficult circumstances." "Cooperation with Iraq is witnessing new horizons today at the level of the private and government sectors, and we will work to activate the joint trade committee within the next few weeks," he pointed out. In a related context, the Director General of Economy and Trade at the Lebanese Ministry of Economy and Trade, Muhammad Abu Haidar, addressed the most important issues presented on the agenda of the development summit on Tuesday, noting that Lebanon is actively participating in discussing projects that concern the future of the region. Abu Haidar told INA: "There were many proposals from the Arabs presented during the Economic and Social Council, all of which are of high importance and aim to stimulate growth in light of the challenges facing the region in general." "All officials demonstrated seriousness and interest during the discussion of economic and social issues," he said, adding that "Lebanon remains committed to its Arab affiliation," expressing his thanks to "the Arab countries, especially Iraq, for their continued support." Regarding the Economic and Social Development Summit, Abu Haidar pointed to "the presence of projects related to sustainable development, artificial intelligence, technological development, water resources, school health, and activities aimed at stimulating economic growth." He indicated that "these topics are currently under study in preparation for submitting them to the summit, which will be attended by Lebanese Prime Minister Nawaf Salameh."
