Environment ministry signs agreement to strengthen marine protection, promote ecotourism    Egypt, WHO discuss expanding health cooperation, development initiatives    Egypt, Sierra Leone discuss expanding cooperation in transport, infrastructure    Gaza under siege, fire: Resistance intensifies amid deepening humanitarian collapse    Chinese Premier Li Qiang arrives in Egypt for high-level talks    Service restoration underway after Cairo telecom fire, minister tells PM    Egypt's PM orders probe, pledges faster network upgrade after Ramsis Exchange blaze    Gold hits over 1-week low on stronger dollar    EGX closed mostly higher on July 9    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    UK, Egypt strengthen cooperation on green transition, eco-tourism, and environmental investments    Escalation in Gaza as ceasefire talks remain fragile amid mounting humanitarian crisis    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt's FM, China's Wang discuss Iran-Israel escalation    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Lebanese politicians watching as economy collapses: UN official
Published in Ahram Online on 15 - 01 - 2020

Lebanese politicians are watching the economy collapse, the senior U.N. official in Lebanon said on Wednesday, rebuking a political elite that has failed to form a government as the country sinks deeper into economic and financial crisis.
Lebanon has been adrift since the government was toppled by the resignation of Prime Minister Saad al-Hariri in October as a result of protests against corruption and bad governance that are root causes of the economic crisis.
"Another day of confusion around the formation of a government, amidst the increasingly angry protests and free-falling economy," Jan Kubis, U.N. special coordinator for Lebanon, wrote on Twitter. "Politicians, don't blame the people, blame yourselves for this dangerous chaos."
He also noted that central bank (BDL) governor Riad Salameh had requested extraordinary powers to manage the economy - an apparent reference to his request for more authority to regulate controls being implemented by commercial banks.
"Lebanon is truly unique - the BDL Governor requesting extraordinary powers to at least somehow manage the economy while those responsible watch it collapsing. Incredible," Kubis wrote.
Seeking to avoid capital flight, Lebanon's commercial banks have been restricting savers' access to their deposits and blocking most transfers abroad for more than two months. The measures have not however been formalised in capital controls.
Security forces fired tear gas to disperse protesters outside the central bank on Tuesday night in confrontations with dozens of people who pelted them with stones and fireworks.
The fronts of several commercial banks and their ATMs were vandalised near the central bank.
Hariri said on Tuesday that Lebanon must cooperate with the International Monetary Fund and World Bank, but that should be overseen by a new government and not the current caretaker cabinet.
The powerful Iranian-backed group Hezbollah and its political allies last month nominated Hassan Diab, a little-known former minister, to form a new government after efforts to forge a deal with Hariri failed. But efforts to form the cabinet have been bogged down in political complications.


Clic here to read the story from its source.