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 ...
This Is Beirut 2023-12-19 23:32 - Reading : 1 minute(s)
As part of its review of the draft budget for the fiscal year 2024, the parliamentary Finance and Budget Committee, chaired by MP Ibrahim Kanaan, examined the Ministry of Public Works and Transport’s budget. The draft budget had been approved by the Cabinet on September 12. The committee met in the presence of caretaker Minister of Public ...
This Is Beirut 2023-12-18 23:10 - Reading : less than a minute
According to multiple sources, the Banque du Liban (BDL) has reportedly decided to raise the rate of the Sayrafa platform from LBP 85,500 to the dollar to LBP 89,500, effective Monday. This rate had remained unchanged for several months. Although the BDL has not yet issued an official statement, it is said to have informed banking institutions of ...
2023-12-17 12:10 - Reading : 5 minute(s)
An IMF report emphasized the "urgent need" to reform customs and tax services in Lebanon following years of mismanagement and the country's crisis since 2019. This has resulted in a significant drop in public treasury revenues, decreasing from 21% of the GDP in 2019 to 6.3% in 2022. In response to a Capacity Development (CD) assistance request ...
Liliane Mokbel 2023-12-15 19:55 - Reading : 3 minute(s)
Solidere recorded losses of $11.1 million in 2022, compared to $21.5 million in 2021. However, its stock price remains stable on the Beirut Stock Exchange. According to the audited financial report, losses of the Lebanese Company for the Development and Reconstruction of Beirut Central District (Solidere) decreased in 2022 by $10.4 million, ...
This Is Beirut 2023-12-14 22:14 - Reading : 1 minute(s)
The National Social Security Fund (CNSS) transferred on Thursday an additional 102 billion pounds for the treatment of dialysis patients. CNSS announced, in a statement, that its Director General, Mohammad Karaki, has instructed the relevant financial departments to transfer an additional 102 billion Lebanese pounds for the treatment of dialysis ...