Latest news with #LebanonEconomy
Zawya
05-06-2025
- Business
- Zawya
IMF sees 'some progress' on Lebanon reforms, says external support needed
Lebanon has made progress on reforms needed to revive its economy but still has key steps to take and will need external funding on concessional terms, the International Monetary Fund said on Thursday after a week of meetings in Beirut. Lebanon's economy went into a tailspin in late 2019, prompted by decades of profligate spending by the country's ruling elite. Reforms required to access IMF funding were repeatedly derailed by political and private interests. Lebanon's new president and prime minister, both of whom took office in early 2025, pledged to prioritise reforms and secure an IMF financing agreement - but the country now faces additional needs with the widespread destruction and displacement caused by Israel's military campaign last year. "The authorities have made some progress recently, including the amendment of the Bank Secrecy Law and submission of a new bank resolution law to Parliament," the IMF's Lebanon mission chief Ramirez Rigo said in a written statement. Rigo said his mission held "productive discussions" with Lebanese officials, including on restoring the viability of the banking sector, fiscal and debt sustainability and enhancing anti-money laundering and terrorism financing measures. He said Lebanon's medium-term fiscal framework should support the restructuring of Eurobond debts, which Lebanon defaulted on in 2020, leading to a sovereign default on its $31 billion of outstanding international bonds. "Given Lebanon's substantial reconstruction needs, limited fiscal space and lack of capacity to borrow, the country will require significant support from external partners on highly concessional terms," the IMF statement said. The World Bank estimated Lebanon's recovery and reconstruction needs following Israel's military campaign at $11 billion. But the U.S. has said it opposes any reconstruction funds to Lebanon until Hezbollah - the Iran-backed Lebanese armed group that fought Israel last year - is disarmed.
Reuters
05-06-2025
- Business
- Reuters
IMF sees 'some progress' on Lebanon reforms, says external support needed
BEIRUT, June 5 (Reuters) - Lebanon has made progress on reforms needed to revive its economy but still has key steps to take and will need external funding on concessional terms, the International Monetary Fund said on Thursday after a week of meetings in Beirut. Lebanon's economy went into a tailspin in late 2019, prompted by decades of profligate spending by the country's ruling elite. Reforms required to access IMF funding were repeatedly derailed by political and private interests. Lebanon's new president and prime minister, both of whom took office in early 2025, pledged to prioritise reforms and secure an IMF financing agreement - but the country now faces additional needs with the widespread destruction and displacement caused by Israel's military campaign last year. "The authorities have made some progress recently, including the amendment of the Bank Secrecy Law and submission of a new bank resolution law to Parliament," the IMF's Lebanon mission chief Ramirez Rigo said in a written statement. Rigo said his mission held "productive discussions" with Lebanese officials, including on restoring the viability of the banking sector, fiscal and debt sustainability and enhancing anti-money laundering and terrorism financing measures. He said Lebanon's medium-term fiscal framework should support the restructuring of Eurobond debts, which Lebanon defaulted on in 2020, leading to a sovereign default on its $31 billion of outstanding international bonds. "Given Lebanon's substantial reconstruction needs, limited fiscal space and lack of capacity to borrow, the country will require significant support from external partners on highly concessional terms," the IMF statement said. The World Bank estimated Lebanon's recovery and reconstruction needs following Israel's military campaign at $11 billion. But the U.S. has said it opposes any reconstruction funds to Lebanon until Hezbollah - the Iran-backed Lebanese armed group that fought Israel last year - is disarmed.
LBCI
02-06-2025
- Business
- LBCI
Hezbollah MP slams new fuel pricing policy, says government burdening citizens instead of easing crisis
Hezbollah lawmaker Hassan Fadlallah criticized the Lebanese government Monday for what he described as a new 'tax' on citizens, accusing it of increasing the cost of living instead of addressing urgent socioeconomic issues. He pointed to unmet promises of 24/7 electricity and lower household expenses, saying instead that people now face weekly fuel price adjustments and soaring costs across essential goods—particularly in electricity. He denounced the price hikes, stressing that 'solving the state's financial crisis should not come at the expense of its citizens.'
LBCI
29-05-2025
- Business
- LBCI
Lebanon to hold first official negotiation meeting with IMF delegation on Friday
The Lebanese government is set to hold its first formal negotiation session with the International Monetary Fund (IMF) delegation on Friday as part of renewed efforts to secure support for a comprehensive economic and financial reform program. According to a statement issued by the Finance Ministry's media office, the meeting will take place at the Ministry's headquarters in central Beirut from 2:30 p.m. to 4:30 p.m. The session marks the first official engagement between the Lebanese government and the IMF negotiating team since the Spring Meetings in Washington, following two weeks of technical talks held at the Finance Ministry. Finance Minister Yassine Jaber will lead the Lebanese delegation and include Economy and Trade Minister Amer Bisat, Banque du Liban (BDL) governor Karim Souaid, Director General of Finance Georges Maarawi, and a team of financial experts from the Finance Ministry, along with advisors from the Presidency and the Premiership involved in financial and economic matters. Ernesto Riga, chief of the IMF mission to Lebanon, will head the IMF delegation. The talks are expected to focus on reviving stalled negotiations for a recovery program aimed at stabilizing Lebanon's economy and restoring international confidence as the country faces mounting financial and institutional challenges.
Khaleej Times
29-05-2025
- Business
- Khaleej Times
How I rebuilt my life after losing everything to Lebanon's financial collapse
I know it sounds dramatic to say 'the bank stole my money.' But if you're Lebanese, you know that's not exaggeration. That's just fact. One day you're running a business, making plans, watching your numbers grow. The next? You're begging a bank teller for your own money and getting that same cold, rehearsed 'system error' stare. Before the financial collapse, I had built something I loved. Vinci wasn't just a fashion company. It was my dream. It was a vision stitched together with clarity and purpose. We brought the biggest names in fashion from the US, like Macy's, Bloomingdale's, and Nordstrom, straight into the heart of Beirut. We weren't just importing clothes. We were importing experience. We were bringing in aspiration, energy, and possibility. But Vinci was never just about retail. It was a living, breathing brand. It was media before I even realised I was doing media. We launched three physical stores, organised our own runway shows, built an engaged digital presence, and cultivated a community of people who didn't just shop. They believed. They bought into the story, the vibe, the feeling. Vinci was culture. It was a movement. And the growth was real. It was fast. The ROI was better than I could have imagined. I wasn't just selling clothes. I was building something people wanted to be part of. Everything was working. Until it wasn't. Then came the crash. The unthinkable, until it became the daily. Lebanon's financial system collapsed almost overnight. I didn't believe in hiding piles of cash. I believed in the system. I believed in doing things the responsible way. Keeping money in the bank, following the rules, investing in growth. That was supposed to be the smart path. The safe path. But in Lebanon, even the smart path had a tragic punchline. The banks closed their doors. Then they opened them again, only to say no. No withdrawals. No transfers. No answers. One day, I had cash flow, plans, and momentum. The next, I had nothing. Not because I failed. Not because I made a bad investment. But because a system that should have protected people like me simply didn't. They took my money. But they didn't take my mission. And let me be clear. I don't blame my country. My lovely Lebanon will always be home. I blame the system. I blame the corruption. I blame the layers of negligence and greed that hollowed out the institutions meant to safeguard us. The people didn't fail. The spirit of Lebanon didn't fail. The system did. What I've learned is this. You can lose your business, your income, even your sense of stability. But you don't lose your purpose. Not unless you give it away. People say I shifted back into media. But the truth is, I never really left it. Vinci was always a form of media. Storytelling. Branding. Emotion. Identity. Presence. So when I lost the company, I didn't pivot. I continued. I went back to doing what I do best. Creating. Only this time, I was creating with different tools. New platforms. New formats. I rebuilt from zero. And I mean zero. I wasn't just starting over professionally. I had to rebuild myself. My confidence. My voice. My why. I became a creative director. I launched shows and podcasts. I helped build studios from the ground up. I led rebrands and campaigns for some of the most exciting names in the region. I formed teams that felt like family, and together, we told stories that mattered. Today, I lead content at one of the region's most competitive media platforms. And no bank, no government, no system failure can take that from me. If you're reading this and you've lost everything. Your business. Your savings. Your sense of control. I want you to know, I see you. You're not alone. You're not broken. You're not done. You're just in the process of becoming. Sometimes the ground has to give out from under you before you realise you were meant to fly. Sometimes hitting rock bottom is the beginning of your real story. The story you were actually meant to tell. And to all the builders, the creatives, the dreamers who've been forced to watch their work evaporate in the chaos, don't let this system define you. You are not your bank balance. You are not your business registration. You are your fire. Your clarity. Your vision. That's what builds movements. That's what survives collapse. The runway is still there. You just have to walk it again. So, walk it. Even if you're walking alone at first. Even if you're scared. Especially if you're scared. Because your steps, no matter how shaky, are still steps forward. And each one takes you closer to who you're really meant to be. The banks may have stolen our money. But they can't steal our spirit. And that is what rebuilds nations.
