economy

The Fate of Circular 165

In a surprising move just days before her retirement, Judge Helena Iskandar, Head of the Litigation Department at the Ministry of Justice, filed two motions before the State Council, requesting the Lebanese State’s intervention in the lawsuits aimed at annulling Circulars No.151 and No.165, submitted by lawyers. The conclusion was that the ...

NSSF: 5,888 Inspection Missions Conducted in 2024

The 2024 annual report from the National Social Security Fund (NSSF) Inspection and Internal Control Department highlights a significant rise in inspection missions, with 5,888 conducted in 2024 compared to 4,742 in 2023. A total of 25,240 employees were audited, and 185 lost undue health benefits and family allowances. This means approximately ...

Agriculture Facing Mild Winter and Conflict Repercussions

The Lebanese agricultural sector, already weakened by a complex economic situation, is now facing two major challenges. On one hand, an unusually mild winter threatens agricultural yields, and on the other, the repercussions of the war are affecting not only infrastructure but also production resources. The agricultural sector is navigating ...

Ministry of Energy update on Harrach-Jeita hydroelectric plant

The Ministry of Energy and Water clarified on Tuesday several points regarding the rehabilitation project of the Harrach-Jeita hydroelectric plant, which has been assigned to the Union of Suburban Municipalities. In its statement, the ministry recalled that last September, the Directorate General of Water and Electricity Resources launched a ...

Public Sector: Vacancies and Shortcomings

The scandal of “electoral hiring” in the public sector is not a new phenomenon. What drives these “hunters of ghost jobs” is less the salary than the associated perks: generous bonuses, discretionary spending, allowances for occasional assignments, representation expenses, and even travel indemnities for overseas trips, often handed out ...

Lebanese-Saudi Economic Ties: A Fresh Start?

Saudi Arabia has traditionally been a key economic partner for Lebanon. Before the 2021 decline in relations, largely driven by the Hezbollah issue, Lebanese exports to the Kingdom were substantial, particularly in agriculture, food products, textiles, and handicrafts. These exports were a vital source of foreign currency for Lebanon's economy. ...

Syria's Economy Reborn After Being Freed from Assad

When Bashar al-Assad ruled Syria, merchants like Youssef Rajab kept much of their imported stock hidden for fear of arrest for breaking the law. But after an Islamist-led coalition toppled Assad in a lightning offensive last month, Rajab put previously banned foreign goods such as chocolate, biscuits and shampoo back on the shelf. Such products ...

Germany's Crisis-Hit Economy Casts Shadow Over Election

Auto industry jobs have long been the lifeblood of the German town of Luedenscheid but now, a trade union official says, the sector's woes have sparked fears it will turn into an "open-air industrial museum". Insolvencies and layoffs have cast doubt on the town's future prosperity, echoing wider anxieties in Europe's biggest economy as it heads ...

WB: $257 Million for Water Supply Services

The World Bank (WB) announced on Wednesday that “the World Bank Board of Executive Directors has approved financing of $257.8 million to improve water supply services in Greater Beirut and Mount Lebanon.” In a statement, it was indicated that “the second Greater Beirut Water Supply Project aims to complete vital water infrastructure, ...

If Lebanon Were to Buy Back Its Debt...

In 2023, Lebanon’s public debt reached around $100 billion, representing approximately 200% of its GDP. This makes Lebanon one of the most indebted countries in the world in relation to its economy. It ranks second behind Japan (260% of GDP) and ahead of Greece (180% of GDP), Italy (150% of GDP) and Sudan (176% of GDP). This debt results from ...

BDL: Two Payments to 158 and 166 Beneficiaries in January

On Friday, the Banque du Liban (BDL) issued a circular asking banks to pay two monthly installments to beneficiaries of circulars 158 and 166, which concern exceptional bank withdrawals of fresh dollars, at the beginning of January. Depositors benefiting from Circular 158 will receive $800 in cash instead of $400, while those benefiting from ...

BDL Reserves Rise to $10.176B: Will Payments Continue in January?

The relevant departments of the Banque du Liban (BDL) have finalized a comprehensive study on deposits and accounts held in Lebanese banks. This study distinguishes between “fresh accounts,” opened after October 17, 2019, and “dollar accounts,” which refer to legacy accounts established before that date. Commissioned by the acting ...