Lebanon’s IMF talks on hold, finance minister says

An anti-government protester shouts slogans while wearing a mask with the colors of the Lebanese flag in Beirut on Thursday, July 2, 2020. (AP)
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Updated 03 July 2020
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Lebanon’s IMF talks on hold, finance minister says

  • Finance Minister Ghazi Wazni said he would remain in contact with the IMF until the talks resume

BEIRUT: Lebanon’s talks with the IMF are on hold pending the start of economic reforms and agreement on the Lebanese side on a common approach for calculating losses, Finance Minister Ghazi Wazni said.

Wazni will remain in contact with the IMF until the talks resume, he said in comments to Al-Joumhuria newspaper that were confirmed to Reuters by official sources.

“What is being worked on today is defining the losses and their size in all sectors,” Wazni said. “We must come up with a unified approach agreed upon with all political forces and in coordination between the government and parliament.”

“… We must agree as soon as possible.”

Lebanon began talks with the IMF in May, hoping to secure aid to tackle a financial crisis considered the biggest threat to the country since its 1975-90 civil war.

But the process got bogged down by a row over the scale of the financial losses that has embroiled the government, the central bank, commercial banks and MPs from Lebanon’s main political parties.

A parliamentary fact-finding committee said on Wednesday losses in the system were between a quarter and half the amount set out in a government recovery plan that was submitted to the IMF.

The IMF has said the government’s numbers appear to be about the right order of magnitude.

Reuters reported on Wednesday that several current and former Lebanese officials, diplomats, international officials, economists and analysts agreed that the IMF talks were going nowhere.


President Abbas hopes 2026 brings progress on Palestinian statehood

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President Abbas hopes 2026 brings progress on Palestinian statehood

  • Leader endorses Gaza committee, cites positive indications from US administration to resolving cause

RAMALLAH: Palestinian Authority President Mahmoud Abbas said on Thursday that Palestine is determined to continue its efforts with US President Donald Trump and other relevant partners.

He expressed hope that 2026 will witness progress toward resolving the Palestinian cause, citing positive indications from the US administration.

He was speaking during a ceremony marking his receipt of an honorary doctorate from the Arab American University in Ramallah.

Abbas said the state of Palestine has announced its support for the formation of the Palestinian Administrative Committee in the Gaza Strip during the transitional phase.

He expressed appreciation for the efforts of Trump and mediators Egypt, Qatar, and Turkiye, and for moving toward the implementation of the second phase of Trump’s plan.

Abbas reaffirmed the importance of linking the institutions of the PA in the West Bank and Gaza, stressing the need to avoid creating parallel administrative, legal, or security systems that would entrench division.

He outlined his political vision based on the Palestinian people’s right to self-determination and return, and the establishment of an independent, fully sovereign Palestinian state with East Jerusalem as its capital, living in peace and security with its neighbors.

The president said the Palestinian state would be democratic, based on equal citizenship, political pluralism, freedom of expression, the formation of political parties, the rule of law, good governance, human rights, integrity, and equality.

Abbas stressed that direct legislative and presidential elections are the foundation of democratic governance and the only path to the peaceful transfer of power under the rule of law, transparency, accountability, and the empowerment of women and youth.

He noted that work is underway to draft a temporary constitution and a political parties law in preparation for the upcoming elections.

Abbas affirmed that the Palestinian state remains committed to international law and the agreements and treaties signed with other states and international organizations.

The president reiterated that peaceful popular resistance, alongside political, diplomatic, and legal action, remains the strategic choice to end the occupation.

He said the Palestinian people continue to safeguard their presence, history, identity, and national memory despite immense challenges, adding that despite the catastrophe caused by the war in Gaza, they remain determined to rebuild the enclave and what has been destroyed across the West Bank.

Abbas also voiced confidence in Palestinian universities, saying they will not only transmit knowledge but also advance it through investment in scientific research and partnerships with the private sector and the state, emphasizing that science and technology are key drivers of national progress.

He stressed that it is time for the Palestinian people to write their own complete history, present their authentic narrative, and decisively refute false and distorted accounts that seek to misrepresent the reality and history of the Palestinian people.