MP Neemat Frem: Lebanon is at risk of losing investments to Syria
MP Neemat Frem sounded the alarm over Lebanon's economic future, warning that the country is at risk of losing critical international investments to Syria.
"The race with Syria for investments and international support has begun, and Lebanon is in danger of losing the opportunity!" Frem wrote on X.
He called for urgent action to facilitate the Prime Minister-designate's efforts in forming an effective government capable of meeting the conditions necessary to attract Arab and international capital while implementing the reforms required by the International Monetary Fund (IMF) and the World Bank.
"The deadline is short, and swift action is an absolute necessity. Otherwise, we will return to square one—only this time with more destruction, escalating tensions in the south, and worsening hardships for citizens," Frem concluded.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
LBCI
2 days ago
- LBCI
New scanners, tougher controls: Lebanon fights smuggling to win IMF backing
Report by Lara El Hachem, English adaptation by Karine Keuchkerian Because global companies avoid ports with high risks, tightening control over smuggling at Lebanon's official border crossings has become essential. In this context, the Beirut Port Authority, under the direct guidance of the Lebanese government, is moving forward with a previously signed contract with CMA CGM to operate the container terminal at the Port of Beirut. The company will also be responsible for installing and maintaining scanners, training staff, and upgrading the system. The scanners to be installed are modern and advanced, with the capacity to inspect 100 containers per minute. However, the inspection process and data entry will remain under the sole authority of Lebanese Customs, as it is a security responsibility. Oversight of the inspection process will also be implemented through an integrated and transparent system. The scanners are expected to be operational within four to six weeks, and the same model will be deployed at the Port of Tripoli, as well as at the Masnaa and Aboudieh crossings. This comes alongside continued security tightening at illegal border points. Curbing customs evasion is one of the key reforms demanded by the International Monetary Fund (IMF), which emphasized in its closing meeting with Prime Minister Nawaf Salam the need to combat money laundering and reform the banking system. These efforts aim to reduce reliance on a cash-based economy and encourage deposits to return to the banking sector. Salam outlined the challenges posed by public debt, the banking crisis, the refugee situation, and the need for reconstruction, all of which are exacerbated by limited international support. Regarding Lebanon's commitment to reforming its laws—particularly the bank restructuring law—the IMF emphasized the importance of aligning with global standards during the law's approval process. However, the IMF would have preferred a faster pace, especially to determine the fate of depositors' funds. The IMF delegation will leave Beirut with plans to return in early September. The Lebanese delegation, meanwhile, is preparing for the IMF's annual meetings in October with senior officials to review the steps Lebanon has taken. As part of continued cooperation with the IMF, a Lebanese ministerial delegation will travel to Cairo to sign memorandums of understanding with Egypt to benefit from its expertise in technology and development.
LBCI
2 days ago
- LBCI
Amid reconstruction talks, Hezbollah urges Lebanon to act on available donor funds — the details
Report by Nada Andraos, English adaptation by Karine Keuchkerian During a meeting between the Loyalty to the Resistance Bloc delegation and Lebanon's prime minister on Wednesday, the main topic discussed was reconstruction. Hezbollah, which hasconsistently urged the government and state institutions to assume their responsibilities and initiate reconstruction of areas damaged by Israeli strikes, presented the prime minister with a detailed proposal based on a damage assessment it conducted in the south, the Bekaa region, and the southern suburbs of Beirut. According to the group, the government can begin work using a $250 million World Bank loan in addition to €75 million in support provided by France. Work could start on projects that can be completed within this funding, especially since the reconstruction process is being approached in three phases: removing rubble and debris, conducting partial and structural repairs, and carrying out full reconstruction. The group's delegation proposed that the government begin with the first two phases—removing rubble and debris while simultaneously starting partial and structural repairs. Hezbollah's survey found that 460 buildings require partial or structural repair at an estimated cost of $37 million, which would allow 7,020 families to return. In the south, the group estimated that similar repairs would cost $100 million and enable 20,000 families to return to their homes. The prime minister, who listened closely to Hezbollah's presentation, affirmed that the government is fully assuming its responsibilities and is working on a comprehensive reconstruction plan. The Grand Serail is also finalizing preparations to host the reconstruction donor conference on June 10. In parallel, Baabda is following up on the file through the president's adviser for reconstruction affairs, Ali Hamie, who, according to LBCI, will represent the president in meetings of the ministerial committee overseeing the file to stay informed about ongoing assessments and mapping. Meanwhile, the president continues outreach efforts, requesting international support to help Lebanon secure reconstruction funding.
LBCI
2 days ago
- LBCI
In Lebanon, IMF sees ‘some progress' on reforms but urges more external support
Lebanon has made progress on reforms needed to revive its economy but still has key steps to take and will need external funding on concessional terms, the International Monetary Fund said on Thursday after a week of meetings in Beirut. Lebanon's new president and prime minister, both of whom took office in early 2025, pledged to prioritize reforms and secure an IMF financing agreement - but the country now faces additional needs with the widespread destruction and displacement caused by Israel's military campaign last year. "The authorities have made some progress recently, including the amendment of the Bank Secrecy Law and submission of a new bank resolution law to Parliament," the IMF's Lebanon mission chief, Ramirez Rigo, said in a written statement. Rigo said his mission held "productive discussions" with Lebanese officials, including restoring the viability of the banking sector, fiscal and debt sustainability, and enhancing anti-money laundering and terrorism financing measures. He said Lebanon's medium-term fiscal framework should support the restructuring of Eurobond debts, which Lebanon defaulted on in 2020, leading to a sovereign default on its $31 billion of outstanding international bonds. "Given Lebanon's substantial reconstruction needs, limited fiscal space, and lack of capacity to borrow, the country will require significant support from external partners on highly concessional terms," the IMF statement said. The World Bank estimated Lebanon's recovery and reconstruction needs following Israel's military campaign at $11 billion. But the U.S. has said it opposes any reconstruction funds to Lebanon until Hezbollah "is disarmed." Reuters
