BEIRUT: A group of US congressmen held meetings Saturday with Lebanon’s top leaders during a fact-finding mission to the Middle East nation roiled by an unprecedented economic crisis.
The delegation is to report to President Joe Biden and the Congress and propose ways to help the Lebanese. The country’s new government, in place since September, has struggled to kick off reforms and negotiations with the International Monetary Fund.
The US team includes Rep. Darrell Issa, a California Republican, and also Republican Rep. Darin LaHood of Illinois, as well as Edward Gabriel, head of the Washington-based American Task Force for Lebanon. The three, who arrived Friday and are to spend three days in Lebanon, first met with President Michel Aoun.
Lebanon’s crisis is rooted in decades of corruption and mismanagement. The international community has said it will only help the small nation once it implements wide reforms and tackles widespread corruption.
Gabriel told the local Al-Jadeed TV that the congressmen are in town “to see firsthand” what is going on in Lebanon and that he hoped they would “come up with some new ideas” for ways the United States could help the Lebanese.
The delegation later met with Prime Minister Najib Mikati who thanked the US for standing by Lebanon and for its continuous support to the Lebanese Armed Forces, his office said.
Lebanon’s economic meltdown began in late 2019 and has been made worse by political bickering between rival groups who have failed to start reforms despite the fact that the crisis has thrown three quarters of the country’s 6 million people, including a million Syrian refugees, into poverty.
US congressmen in Lebanon over crippling economic crisis
https://arab.news/ckeea
US congressmen in Lebanon over crippling economic crisis
- The delegation is to report to President Joe Biden and the Congress and propose ways to help the Lebanese
- Lebanon’s crisis is rooted in decades of corruption and mismanagement
Pakistan consults banks on financial stability as Middle East conflict rattles global markets
- Finance minister says government monitoring global supply chains, energy markets amid regional tensions
- Banks pledge coordination with government and central bank to ensure uninterrupted financial services
KARACHI: Pakistan’s finance minister held consultations with the country’s banking sector on Wednesday to review potential economic risks from the escalating Middle East conflict and ensure financial stability, according to a government statement.
The virtual meeting between Finance Minister Muhammad Aurangzeb and senior representatives of the Pakistan Banks’ Association (PBA) came as tensions involving the United States, Israel and Iran have driven volatility in global oil and financial markets, raising concerns for import-dependent economies such as Pakistan.
Islamabad has already faced pressure from rising fuel prices and potential supply disruptions in energy markets, prompting officials to closely monitor global developments and assess possible impacts on inflation, external accounts and broader macroeconomic stability.
“The discussion focused on the evolving economic and financial situation in light of prevailing regional developments and the importance of close coordination between the government, the State Bank of Pakistan, and the banking sector to ensure financial stability and uninterrupted financial services,” the finance ministry said in a statement after the minister's meeting with PBA officials.
Aurangzeb told banking leaders the government had established a high-level coordination mechanism involving key economic ministries and institutions to continuously review developments in global markets, particularly in supply chains and energy.
He said authorities were conducting regular scenario analysis to evaluate possible implications for inflation, external accounts and overall economic stability while ensuring the continuity of essential supplies.
“The government remains engaged with relevant stakeholders and international partners as part of its efforts to safeguard the country’s economic interests,” the minister said, according to the statement.
Aurangzeb also emphasized the importance of coordinated decision-making and operational resilience within the financial sector during periods of uncertainty, encouraging banks to continue supporting businesses and customers while maintaining responsible risk management.
PBA Chairman Zafar Masud briefed the finance minister on the banking sector’s internal consultations and preparedness measures in response to the evolving situation, the statement said.
Masud said the banking industry had set up a coordination framework for timely consultation and information sharing among financial institutions, aimed at ensuring the smooth functioning of financial services and payment systems.
He added that banks would remain in close engagement with the State Bank of Pakistan and other stakeholders while maintaining regular consultations within the industry to monitor developments and support financial market stability.
