2023-12-31 17:26 - Reading : 7 minute(s)
The year 2023 has been marked by numerous uncertainties and cautious optimism in Lebanon. The economic retrospective of the past year is largely shaped by the impacts of a series of economic and political upheavals. However, amidst the challenges, there have been positive developments. Let's reflect on some significant events. The Dollar Reaches ...
Liliane Mokbel 2023-12-30 16:08 - Reading : 4 minute(s)
The retirement pension plan, set to replace the end-of-service benefits, was approved by Parliament on December 15. Nevertheless, its implementation hinges on the signing and promulgation of approximately fifteen implementation decrees. Mohamad Karaki, the General Director of the National Social Security Fund (CNSS), has indicated that ...
Liliane Mokbel 2023-12-27 20:49 - Reading : 3 minute(s)
Parliament meticulously voted on December 15, 2023 on the law regarding commercial leases. Despite the National Assembly's careful consideration, tenants and landlords voiced their dissatisfaction—a much-expected reaction, to say the least. Amid great socio-economic fragility, the law enacted on December 15, 2023 is progressively ending, over ...
Nicolas Sbeih 2023-12-27 19:40 - Reading : 5 minute(s)
For the past four years, this somewhat recurrent idle tune has echoed in nearly every opinion, critique and analysis regarding the performance of banks at the outset of the economic crisis. According to these endless rantings, the banks allegedly transferred massive sums of money abroad for a select few privileged individuals, while denying the ...
This Is Beirut 2023-12-26 21:24 - Reading : 2 minute(s)
The parliamentary Finance and Budget Committee, chaired by MP Ibrahim Kanaan, examined the budgets of the Ministries of Justice, Environment and Youth and Sports on Tuesday. The aim was to study and approve the budgets of these ministries, as part of the review of the draft budget for fiscal year 2024, validated by the Council of Ministers on ...
2023-12-22 18:34 - Reading : 3 minute(s)
Starting May 2023, the calculation of electricity bills will be based on the official exchange rate determined by the Central Bank (BDL). As for the fuel ship expected to refuel the power plants and prevent a total blackout, it is supposed to dock in Lebanon before December 28. As of May 2023, electricity bills will be calculated based ...
Liliane Mokbel 2023-12-22 13:59 - Reading : 3 minute(s)
The ongoing conflict in Gaza is a major shock to Lebanon's precarious growth model, as underscored in the latest World Bank report. The latest World Bank report on Lebanon, the 'Lebanon Economic Monitor (LEM)' for Fall 2023, headlined "Caught in a New Crisis," underscores the fragility of a Lebanese economy, whose growth expectations have been ...
This Is Beirut 2023-12-21 14:06 - Reading : 2 minute(s)
In its latest report on the Lebanese economic situation released on Thursday, the World Bank said that “four years into the economic and financial crisis, Lebanon’s macroeconomic framework remains severely impaired,” weighing on the “spillover effects from the ongoing conflict centered in Gaza” which poses “yet another large shock to ...
2023-12-21 10:54 - Reading : 3 minute(s)
Several major shipping companies have announced the suspension of their cruise ship navigation in the Red Sea due to the escalating attacks by the Houthis amid the ongoing conflict between Israel and Hamas. Will Lebanon be affected? The situation keeps on worsening in the Red Sea, where several commercial vessels have been attacked by Yemen's ...
Nicolas Sbeih 2023-12-21 10:00 - Reading : 6 minute(s)
It has been relegated to oblivion, this story of two states existing side by side. It took a long time, a show of force from Hamas and tens of thousands killed in Gaza for world leaders to wake up, probably under the pressure of their outraged populations. Yet, it is still only in the form of scattered statements lacking unanimity. Some are still ...
Liliane Mokbel 2023-12-20 18:39 - Reading : 3 minute(s)
Without prior notice, Lebanon’s Central Bank (BDL) announced on Monday evening (December 18), by means of a simple statement, a new rate for the dollar on its Sayrafa exchange platform. It set the rate at 89,500 Lebanese pounds (LBP) to the dollar, marking an increase of LBP 4,000 from the rate that has been in effect since last ...
This Is Beirut 2023-12-20 13:39 - Reading : 2 minute(s)
The public administration’s civil servants have announced a total strike starting Thursday. In a statement, the civil servants' league deplored the contempt and indifference with which the government treats their rights, as if "the civil servant had become a mere commodity to be exploited and nothing more." They required that their demands be ...