Defense Minister says economic activities in Israel will gradually reopen
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L'Orient-Le Jour
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- L'Orient-Le Jour
Lebanese eurobonds rally extends following state arms monopoly decision
BEIRUT — Lebanon's eurobonds — the country's dollar-denominated debt securities — surged 11 percent over the past week, closing at 19.75 cents on the dollar Wednesday, their highest level in two years. The rally followed the government's historic decision to enforce a state monopoly on arms, said Saeb al-Zein, former hedge fund manager and emerging markets financial analyst. The country's battered bonds have been rising since late September 2024, coinciding with the escalation of the Israel–Hezbollah conflict into a full-blown war. At the time, their value jumped from 6.2 cents to current levels. Investors had been betting on Hezbollah's weakening and an improved economic outlook following the Nov. 27 cease-fire, which ended the year-long cross-border fire exchange. 'A similar rally took place when the Assad regime fell in December,' said Zein. 'This current surge is also politically driven, as investors anticipate greater state control over its own destiny.' 'Investors typically look three to six months ahead, so they're still betting on Lebanon as a country,' he added. 'With improved security, we could see more investors coming in and more capital inflows.' 'If we can get our house in order politically, I'm confident the economy will follow, driven by a thriving private sector,' he said. Lebanon defaulted on its sovereign debt in March 2020 for the first time in its history. A restructuring agreement with eurobond holders has yet to be negotiated. In December 2024, Goldman Sachs forecasted the recovery value of these debt securities to average 24.6 cents on the dollar in a 'base-case restructuring' scenario — the outcome it deemed most likely. However, 'the actual recovery value will hinge on how the Parliament advances in addressing the gap resolution law, IMF negotiations and the fund's level of involvement,' Zein noted.
L'Orient-Le Jour
an hour ago
- L'Orient-Le Jour
Lebanon's Arab tribes offer 'full support' to Salam
BEIRUT— The Gathering of Arab Tribes of Lebanon on Thursday voiced full support for Prime Minister Nawaf Salam's plan to restore the state's monopoly on arms and disarm militias, despite pushback from Hezbollah, Amal, and Iran-aligned allies. Lebanon is home to numerous Arab tribes, particularly in the Bekaa, Akkar, and the Khalde area near Beirut. Sunni Arab tribes have been present in Lebanon since before the creation of Greater Lebanon in 1920, explained Sheikh Haytham Tohaymi, a member of the Hourouk tribe of Faour (Bekaa) and president of the humanitarian association Al-Inma' wal Tajaddod (Development and Renewal), to our publication in 2021. During the Ottoman Empire, Sunni Arab tribes were nomadic and moved freely across Iraqi, Syrian, Lebanese, and Palestinian territories. But since the Sykes-Picot Agreement (1916), the partitioning of the Middle East and border demarcation, these tribes have become sedentary. "The Gathering of Arab Tribes announces its full support for the statesman that is Nawaf Salam," the group wrote in a statement, in which it denounces the "slanderous campaigns" against the prime minister. "As the proverb says: 'People only throw stones at fruit-bearing trees,'" the text reads. Nawaf Salam urged to 'move forward' "We reaffirm our full support for his efforts to extend the state's authority over the entire Lebanese territory and to restrict the carrying of weapons to legitimate armed forces, considering this a fundamental pillar of the protection of sovereignty and the maintenance of stability," the tribes added, encouraging the prime minister to "move forward." "We will not allow anyone to harm the premiership or its leader. You are today the voice and prestige of the state, the symbol of national interest." Clashes have sometimes broken out between members of the Arab tribes and Hezbollah supporters. Violence in particular flared up in the summer of 2021 in Khalde, south of Beirut, following a dispute over banners for Ashura commemorations, which escalated into gunfire and then further shooting during funerals and a wedding. The government's decisions on Aug. 5 and 7 regarding Hezbollah's disarmament and the adoption of the "Barrack plan," a U.S. roadmap designed to ensure proper implementation of the cease-fire terms with Israel as of November 2024, led to a series of congratulations and support from part of Lebanon's political class, while Hezbollah, Amal and its allies are acting as if these measures "do not exist" and are warning against tensions in the country.
L'Orient-Le Jour
an hour ago
- L'Orient-Le Jour
Washington's grip extends to aid for Lebanon
Since November's Israel-Hezbollah cease-fire, it was likely an open secret. But with the Cabinet adopting last week the 'objectives' in the roadmap put forward by Tom Barrack, the U.S. envoy for Lebanon and Syria, Arab and international financial aid is now officially tied to the disarmament of the pro-Iran militia, rather than solely on an agreement with the International Monetary Fund (IMF).The objectives set out in the roadmap — once the disarmament process is underway — include the organization of an economic conference bringing together Lebanon's main partners, to support the reconstruction of the national economy and 'implementing President Trump's vision of making Lebanon a prosperous and viable country.' This wording suggests that 'Washington is not only steering the security and military process, but also the economic agenda — a...
