BEIRUT: Lebanon said Thursday it has formed a new government delegation to resume talks with the International Monetary Fund aimed at rescuing the country from an economic meltdown.
The government of Prime Minister Najib Mikati said in a statement that a four-member committee had been appointed to resume talks with the IMF.
The team — Deputy Prime Minister Saade Chami, Finance Minister Youssef Khalil, Economy Minister Amin Salam and central bank governor Riad Salameh — would be backed by experts.
The eastern Mediterranean country is facing what the World Bank has described as one of the world’s worst economic crises since the 1850s.
Its currency, the pound, has lost almost 90 percent of its value against the dollar on the black market since 2019, and people’s savings are trapped in banks.
Inflation has soared, and 78 percent of all Lebanese now live under the threshold of poverty, according to the UN.
Power cuts are common in the country and basic goods including petrol and medicine have become scarce.
After defaulting on its debt in March 2020 for the first time in history, Lebanon started talks with the IMF but they hit a brick wall amid bickering over who should bear the brunt of the losses.
Lebanon hopes the talks with the IMF will help unlock billions of dollars in financial aid.
But the international community has demanded sweeping reforms and a forensic audit of the country’s central bank before any financial assistance is disbursed.
Finance expert Mike Azar recently told AFP that reforming the commercial banking sector and central bank, as well as restructuring the public sector, would be key for any deal with the IMF.
Cash-strapped Lebanon names team for IMF talks
https://arab.news/m6q9h
Cash-strapped Lebanon names team for IMF talks
- Prime Minister Najib Mikati said a four-member committee had been appointed to resume talks with the IMF
- The team, Deputy Prime Minister Saade Chami, Finance Minister Youssef Khalil, Economy Minister Amin Salam and central bank governor Riad Salameh, would be backed by experts
World Government Summit 2026 set to be largest ever
- 35 world leaders confirmed, says WGS’ Mohammad Al-Gergawi
- ‘Because the challenges of the future cannot be tackled alone’
DUBAI: This year’s World Government Summit will be the largest in the event’s history, said Mohammad Al-Gergawi, the WGS foundation’s chairman, on Friday.
Speaking at an event at the Museum of the Future, Al-Gergawi said 35 heads of state and government officials have confirmed their attendance, including Egypt’s President Abdel Fattah El-Sisi, Spain’s Prime Minister Pedro Sanchez, and Switzerland’s President Guy Parmelin.
The WGS is an annual event held in Dubai which explores governance, and focuses on harnessing innovation and technology to solve universal challenges facing humanity.
Al-Gergawi said 24 side events would take place during the summit including forums on artificial intelligence, education, and sustainability.
Over 35 ministerial meetings are on the program including the Ministerial Roundtable with Arab Youth Ministers, Future of Tourism Roundtable, and Sustainable Development Goals Global Council Launch.
Al-Gergawi said four honors would be awarded during the summit, for best minister, most reformed government, sustainability, and best teacher.
He added that the world’s largest global gathering of Nobel laureates would take place during the summit.
“The World Laureate Summit aims to host a platform for laureates to present scientific solutions for problems governments are facing and will invite 50 laureates from various disciplines,” he explained.
Al-Gergawi said the WGS aims to play a key role in boosting collaboration between the private and public sectors.
“The success of the summit depends on the presence of governments, international organizations and the sector that shapes the future, the private sector,” he said.
“The success of the summit is directly linked to partnerships. Each partnership and initiative launched contributes to overcoming challenges in the future,” he added.
“The World Government Summit gathers everyone because the challenges of the future cannot be tackled alone,” Al-Gergawi said.
The summit takes place at Dubai’s Madinat Jumeirah from Feb. 3 to 5.
