logo
MP Neemat Frem and Saudi Ambassador discuss reviving tourism and trade to boost Lebanon's economy

MP Neemat Frem and Saudi Ambassador discuss reviving tourism and trade to boost Lebanon's economy

LBCI10-05-2025

MP Neemat Frem met with Saudi Ambassador to Lebanon Waleed Bukhari to discuss ways to strengthen economic ties between Lebanon and Saudi Arabia, particularly efforts to revive Saudi tourism to Lebanon.
Frem noted that attracting around 300,000 Saudi tourists over the summer could generate more than $5 billion for Lebanon's economy when the country urgently needs financial inflows.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Ortagus' departure sparks a flashback to the 90s: Will Lebanon's file be handed to Syria again?
Ortagus' departure sparks a flashback to the 90s: Will Lebanon's file be handed to Syria again?

LBCI

time3 hours ago

  • LBCI

Ortagus' departure sparks a flashback to the 90s: Will Lebanon's file be handed to Syria again?

Report by Toni Mrad, English adaptation by Yasmine Jaroudi Uncertainty surrounds the potential departure of Morgan Ortagus from her current role, with no clear successor identified so far. Despite circulating local reports suggesting a farewell visit to Beirut, sources say her team has made no official request for meetings with Lebanese officials. Whether Ortagus remains in office or steps down, her future is being watched closely against the backdrop of rapidly evolving dynamics in Syria, which is increasingly re-engaging with the international community, including Gulf states. In contrast, Lebanon's slow progress in fulfilling reform commitments and rebuilding trust with those same countries has raised concern in Washington. Observers in the U.S. fear a potential repeat of history, recalling a period when Lebanon, failing to assert its weight on the diplomatic stage, was effectively sidelined and handed over to Syrian influence. Those fears are heightened by Lebanon's continued paralysis over the issue of Hezbollah's weapons and unconfirmed reports suggesting that Tom Barrack, the U.S. special envoy for Syria, may hold talks in Lebanon. Will the Lebanese file once again be folded into Syria's—reminiscent of the Syrian tutelage that lasted from 1976 to 2005? During the peak of that era, particularly in the 1990s, Syria exercised complete control over Lebanon's state institutions, from selecting presidents and overseeing security services to silencing political and media opposition and even shaping Lebanon's economic direction. In practice, Syria held ultimate authority over Lebanese affairs. Official Lebanese sources told LBCI they are aware of such speculation but firmly reject the notion of any new form of foreign tutelage. "The era of external guardianship is over," one source said, insisting that the government remains committed to a full path of reforms to preserve Lebanon's sovereignty. However, in Washington and Riyadh, that speech has grown familiar—too familiar. It is no longer seen as a credible safeguard against renewed foreign influence.

IMF reviews Lebanon's economic plan: Finance Minister vows no more off-budget spending
IMF reviews Lebanon's economic plan: Finance Minister vows no more off-budget spending

LBCI

time3 hours ago

  • LBCI

IMF reviews Lebanon's economic plan: Finance Minister vows no more off-budget spending

Report by Lara El Hachem, English adaptation by Yasmine Jaroudi The International Monetary Fund (IMF) presented its fiscal vision for Lebanon during a technical meeting with Lebanese officials, focusing on key reforms, including bank restructuring, public debt management, revenue generation, customs modernization, and sector-specific growth over the next three to five years. The meeting, led by IMF mission chief Ernesto Rigo, was preceded by bilateral discussions with Finance Minister Yassine Jaber. Following the talks, Jaber reaffirmed Lebanon's commitment to enforcing laws related to revenue collection, tax and customs evasion, and spending discipline and pledged to achieve a primary fiscal surplus. He also emphasized that the government will no longer finance any sector outside the approved state budget, including the power sector. One key topic was the recent move to increase taxes on fuel to fund salary hikes for military personnel. The IMF welcomed the measure as an example of responsible budgeting, emphasizing the need for any new spending to be offset by new revenue and implemented strictly within the framework of the state budget. The IMF also called for a comprehensive financial audit of all state-owned entities, including Électricité du Liban (EDL), the Casino du Liban, the port authority, Ogero, and the regional water establishments. LBCI has learned that the Finance Ministry's reform efforts are currently centered on ensuring that all taxpayers are registered with the tax administration and are held accountable for dues. In a step toward this goal, the minister sent a letter to the Interior Ministry urging municipalities to share information on businesses subject to income tax. The ministry is also preparing to implement an e-invoicing system to combat customs evasion, which has often occurred through the use of falsified paper invoices. Combined with efforts to tighten control over both legal and illegal border crossings, the reforms, if effectively executed, are expected to generate up to 30% of Lebanon's total tax revenues. The IMF delegation is expected to return by the end of summer to assess Lebanon's progress and conduct a full review of the reform implementation.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store