IMF deal breakthrough is within reach for crisis-hit Lebanon

The country’s economy is facing hyperinflation with a currency devaluation after the government defaulted on international debts of more than $30 billion.
Short Url
Updated 30 March 2022
Follow

IMF deal breakthrough is within reach for crisis-hit Lebanon

RIYADH: Lebanon may be closer than ever to breaking a two-year stalemate in talks with the IMF, a senior official said. 

The move could help draw a line under one of the world’s worst financial crises in more than a century, Bloomberg reported. 

The country’s economy is facing hyperinflation with a currency devaluation after the government defaulted on international debts of more than $30 billion.

As major legislation makes its way through the parliament, Lebanese authorities are turning more optimistic they can reach a staff-level agreement with the Washington-based lender before elections in May, Deputy Prime Minister Saade Chami said in an interview. 

An IMF delegation arrived in Beirut this week on a mission that the authorities hope will conclude with the signing of the so-called “Memorandum of Economic and Financial Policies.”

This is a list of actions the country needs to take to clear the way for the disbursement of up to $5 billion in aid.

It may also release $11 billion in other financial commitments made to Lebanon in the past few years, according to Bloomberg. 


Multilateralism strained, but global cooperation adapting: WEF report

Updated 10 January 2026
Follow

Multilateralism strained, but global cooperation adapting: WEF report

DUBAI: Overall levels of international cooperation have held steady in recent years, with smaller and more innovative partnerships emerging, often at regional and cross-regional levels, according to a World Economic Forum report.

The third edition of the Global Cooperation Barometer was launched on Thursday, ahead of the WEF’s annual meeting in Davos from Jan. 19 to 23.

“The takeaway of the Global Cooperation Barometer is that while multilateralism is under real strain, cooperation is not ending, it is adapting,” Ariel Kastner, head of geopolitical agenda and communications at WEF, told Arab News.

Developed alongside McKinsey & Company, the report uses 41 metrics to track global cooperation in five areas: Trade and capital; innovation and technology; climate and natural capital; health and wellness; and peace and security.

The pace of cooperation differs across sectors, with peace and security seeing the largest decline. Cooperation weakened across every tracked metric as conflicts intensified, military spending rose and multilateral mechanisms struggled to contain crises.

By contrast, climate and nature, alongside innovation and technology, recorded the strongest increases.

Rising finance flows and global supply chains supported record deployment of clean technologies, even as progress remained insufficient to meet global targets.

Despite tighter controls, cross-border data flows, IT services and digital connectivity continued to expand, underscoring the resilience of technology cooperation amid increasing restrictions.

The report found that collaboration in critical technologies is increasingly being channeled through smaller, aligned groupings rather than broad multilateral frameworks.  

This reflects a broader shift, Kastner said, highlighting the trend toward “pragmatic forms of collaboration — at the regional level or among smaller groups of countries — that advance both shared priorities and national interests.”

“In the Gulf, for example, partnerships and investments with Asia, Europe and Africa in areas such as energy, technology and infrastructure, illustrate how focused collaboration can deliver results despite broader, global headwinds,” he said.

Meanwhile, health and wellness and trade and capital remained flat.

Health outcomes have so far held up following the pandemic, but sharp declines in development assistance are placing growing strain on lower- and middle-income countries.

In trade, cooperation remained above pre-pandemic levels, with goods volumes continuing to grow, albeit at a slower pace than the global economy, while services and selected capital flows showed stronger momentum.

The report also highlights the growing role of smaller, trade-dependent economies in sustaining global cooperation through initiatives such as the Future of Investment and Trade Partnership, launched in September 2025 by the UAE, New Zealand, Singapore and Switzerland.

Looking ahead, maintaining open channels of communication will be critical, Kastner said.

“Crucially, the building block of cooperation in today’s more uncertain era is dialogue — parties can only identify areas of common ground by speaking with one another.”