BEIRUT: Lebanon could reach a preliminary agreement for financial support with the International Monetary Fund (IMF) between January and February, the local Al Jadeed TV said in a tweet on Sunday, citing the deputy prime minister.
Saadeh Al-Shami was quoted by the broadcaster as saying a ministerial committee had agreed with the central bank governor on a $69 billion figure for losses in the financial sector.
The IMF is to assess that calculation, with agreement on the loss figure a crucial first step for Lebanon’s government as it seeks to negotiate a support program.
The IMF has said preparatory technical discussions with Lebanese authorities are underway to lay the groundwork for a fund-supported program with considerable progress made in identifying losses.
Lebanon is experiencing an unprecedented financial crisis and an IMF deal is widely seen as the only way for it to secure aid.
Lebanon may reach initial pact with IMF between Jan-Feb — deputy PM
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Lebanon may reach initial pact with IMF between Jan-Feb — deputy PM
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
