Egypt's gold reserves surges to $16.55b in October – CBE    Egypt's MSMEDA helps 18,000 SMEs win EGP 1.25b in state contracts    Giant CMA CGM ship transits Suez Canal, signaling return of megavessels    Suez Canal sees largest container ship in two years as traffic returns    Egypt's government complaints system received 193,000 requests in October    Egypt launches world's largest palm farm in Toshka, Al-Owainat with 2.3 million trees    Egypt's Foreign Minister discusses Gaza, Sudan with Russian counterpart    Russia's Putin appoints new deputy defence minister in security shake-up    Iraq's PM says holding elections on schedule is a 'major event' for the state    UNESCO General Conference elects Egypt's El-Enany, first Arab to lead body    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    Egypt to adopt World Bank Human Capital Report as roadmap for government policy    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt launches new cancer pharmaceuticals sector to boost drug industry localization    Egypt, Albania discuss expanding healthcare cooperation    25 injured after minibus overturns on Cairo–Sokhna road    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Hungary, Egypt strengthen ties as Orbán anticipates Sisi's 2026 visit    Egypt's PM pledges support for Lebanon, condemns Israeli strikes in the south    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Egypt, Medipha sign MoU to expand pharmaceutical compounding, therapeutic nutrition    Egypt establishes high-level committee, insurance fund to address medical errors    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Syria releases preliminary results of first post-Assad parliament vote    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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.



French foreign minister: IMF only way out of Lebanon crisis
Published in Ahram Online on 23 - 07 - 2020

France's foreign minister said Thursday that talks with the International Monetary Fund are the only way out of Lebanon's economic crisis, urging Lebanese officials to resume discussions with the lender that faltered over internal disagreements.
Jean-Yves Le Drian, the first Western official to visit Lebanon since its economy began to unravel last year, said only concrete reforms would enable France, a major ally, to help Lebanon.
After meetings with President Michel Aoun and other officials, Le Drian said the time is critical.
``What I want to tell those responsible in Lebanon today is, `help yourselves and France and its partners will help you','' he said. ``It is the key message of my visit.''
France, the former colonial power in Lebanon, is leading Western efforts to help the Lebanese economy out of its dire straits. The solutions are well-known, Le Drian said, and are necessary to avoid destabilizing Lebanon and its model of tolerance and openness in the region.
The crisis has deepened since the government defaulted on its sovereign debt in March, the eruption of the coronavirus pandemic and the restrictions that it brought. Unemployment and poverty rates have reached new heights, while basic resources, such as fuel, have became scarce as the government's resources dried up.
Talks with the IMF over a recovery plan, which began in May, have stalled over disagreements between Lebanese politicians on assessing losses and how to move forward. Lebanese officials hope successful talks would open the way for $11 billion in aid pledged during a 2018 conference hosted by France.
``There is no alternative to an IMF program that will allow Lebanon to get out of the crisis,'' Le Drian said. ``France is ready to mobilize itself and its partners to support Lebanon but credible and serious reform measures must be taken,'' Le Drian said.
A person close to the discussions between the top French diplomat and Lebanese Prime Minister Hassan Diab said the French are supportive of the Lebanese government's efforts and that both sides recognize the importance of successful talks with the IMF that would also unleash money pledged in the 2018 conference.
``Both France and the (United States) are with us on that,'' the person said, speaking on condition of anonymity to discuss the closed meeting.
Diab has said that political rivals and other officials are actively working to fail his government and deny Lebanon international or regional support.
Le Drian said an effective audit of the losses of the Central Bank of Lebanon would help kick-start the talks. The Lebanese government approved this week a forensic audit after weeks of stalling. The audit could take months.
Le Drian said efforts by France would only work if Lebanese officials do their part. He said a reform of the electricity sector, which has cost the government about $2 billion in debt a year, has so far been discouraging.
Lebanon witnessed nationwide protests last October after the government, as part of efforts to introduce austerity measures, levied new taxes on messaging service WhatsApp. Protesters accused the government of mismanagement and years of corruption and eventually forced then-premier, Saad Hariri, to resign.
A new government, backed by the powerful Hezbollah group and its allies, was formed in January and has since been bogged down by domestic rivalries and economic power centers on ways to proceed with reforms and the IMF talks. Adding to the domestic tension is the fact that Hezbollah is facing increased U.S. sanctions, part of Washington's campaign against Iran and its allies in the region.
``The Lebanese have strongly expressed their legitimate aspirations through popular protests since October, they went on the streets to express their thirst for change, for transparency, to fight for corruption and for better governance,`` Le Drian said. ``Their call has not been heard so far.''
The economic crisis has sparked a free-fall of the national currency against the dollar, which had been used interchangeably with the Lebanese pound. Unemployment and poverty have since soared and U.N. aid agencies began wide distribution of food to needy families for the first time since Lebanon's last devastating war with Israel in 2006.


Clic here to read the story from its source.