Latest news with #AminSalam
LBCI
3 days ago
- Business
- LBCI
Interrogation of former Lebanese Economy Minister Amin Salam postponed until next Thursday
Lebanon's top public prosecutor, Judge Jamal Al-Hajjar, has postponed until next Thursday the continuation of the interrogation of former Economy Minister Amin Salam, according to the state-run National News Agency (NNA). The postponement comes after Salam's lawyer, Samer Al-Hajj, submitted documents intended to refute allegations made in a formal complaint filed by the Parliamentary Committee on Economy. The complaint alleges that the former minister committed forgery, embezzled public funds, and engaged in blackmailing insurance companies.
Iraqi News
13-05-2025
- Business
- Iraqi News
Arab League Chief Aboul Gheit arrives in Baghdad for Economic and Social Council meeting
Baghdad-INA Arab League Secretary-General Ahmed Aboul Gheit arrived in Baghdad on Tuesday to attend the meeting of the Economic and Social Council, held in preparation for the Arab Development Summit. 'The agenda of the opening session will include remarks from Lebanon's Minister of Economy and Trade, Amin Salam, representing the previous summit presidency, Iraq's Minister of Trade Atheer Dawood Salman representing the current presidency, and Secretary-General Aboul Gheit,' according to the correspondent of The Iraqi News Agency-INA. The closed session will focus on finalizing the draft agenda for the Development Summit, followed by a discussion of its key points. And then a final closed session where the draft resolutions will be approved.
Arabian Post
28-04-2025
- Business
- Arabian Post
Lebanon Eyes IMF Deal After Long Struggle for Stability
Lebanon's government is optimistic about securing a staff-level agreement with the International Monetary Fund within the coming months. The move represents a significant step towards addressing the country's crippling financial crisis, which has left the Lebanese pound in freefall, unemployment rates soaring, and inflation skyrocketing. The news has brought a flicker of hope for a nation desperate for international assistance, after enduring years of economic turmoil exacerbated by political instability and the effects of the 2019 Beirut port explosion. The announcement, made by Lebanon's Minister of Economy and Trade, Amin Salam, comes at a time when the country is facing its worst economic collapse since the end of the civil war in the 1990s. Despite the IMF's cautious stance on extending its aid to Lebanon, negotiations are progressing, and the country is hopeful that an agreement could finally be reached. Salam stated that the aim is for the Lebanese authorities to finalise discussions with the IMF, which would then allow Lebanon to access critical funding to stabilise its economy. Securing a deal with the IMF is a priority for Lebanon as it seeks to unlock international loans and support. Lebanon has been in talks with the IMF for over two years, with the institution imposing strict financial reforms as a condition for assistance. These reforms are designed to rebuild Lebanon's crippled financial institutions, tackle rampant corruption, and implement fiscal discipline. However, these measures have been met with resistance from political elites, many of whom have been accused of contributing to the financial crisis through mismanagement and corruption. See also Dubai's RTA Integrates LiDAR for Enhanced Road Maintenance The IMF's requirements include reforms such as restructuring Lebanon's financial sector, implementing measures to improve the country's fiscal transparency, and reducing public sector spending. The institution has made it clear that Lebanon must address these structural weaknesses before it can secure international aid. Lebanon's political class, long known for its infighting and inability to push through reforms, has struggled to meet these expectations, with reforms stalling in the face of political resistance. Despite these challenges, some experts believe that the IMF agreement is crucial to any hopes of Lebanon stabilising its economy. The Lebanese government has faced mounting pressure from citizens who are increasingly disillusioned with their leaders' inability to address the country's dire financial situation. Protests have erupted across the country in recent years, calling for an end to corruption and better governance. While these protests have led to some changes, they have not been enough to reverse the economic downturn. Economic indicators show the extent of Lebanon's struggles. The Lebanese pound, which once traded at 1,500 to the dollar, now hovers around 100,000 pounds to the US dollar on the black market, reflecting a dramatic devaluation. Inflation has surged, with food prices spiraling out of control, and essential services such as healthcare and education becoming increasingly unaffordable for many Lebanese citizens. This economic decline has driven more than 60% of the population into poverty, according to estimates from the United Nations and local organisations. The IMF's involvement is seen as a necessary step in restoring confidence in Lebanon's financial system. However, the road to recovery will be long and fraught with challenges. A key issue is the need for political unity. Lebanon's fractious political system, which is based on a delicate sectarian balance, has hindered the passage of many essential reforms. The lack of a functioning president, with the presidential seat remaining vacant for several months due to political deadlock, has added to the uncertainty. See also AI Integration Propels DAMAC Properties' Revenue Surge International donors, including the European Union and Gulf countries, have signalled their support for Lebanon's recovery plan, but they are also waiting for concrete reforms before committing significant funds. They have been clear that Lebanon's political elite must demonstrate the political will to implement the reforms required for a sustainable recovery.
LBCI
12-02-2025
- Business
- LBCI
IMF's Kristalina Georgieva reaffirms support for Lebanon's recovery and reforms
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, confirmed that the agency is committed to supporting Lebanon, especially after the war. During a meeting with former Minister Amin Salam at the World Government Summit in Dubai, she expressed the IMF's readiness to assist the government in implementing necessary reforms to achieve economic recovery and stability by reviving the agreement between Lebanon and the IMF.
MTV Lebanon
12-02-2025
- Business
- MTV Lebanon
Former Minister Salam meets with IMF Head in Dubai
Former Minister Amin Salam met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, in Dubai during the Arab Government Summit. Georgieva expressed her satisfaction with the completion of Lebanon's constitutional institutions and emphasized the importance of forming a government capable of advancing the reform and rescue process. She underscored the necessity of passing required reforms as a fundamental condition for progress in Lebanon's recovery efforts. Georgieva also reiterated the IMF's commitment to supporting Lebanon, especially in the aftermath of the war, and expressed the Fund's readiness to assist the Lebanese government in implementing necessary reforms to achieve economic recovery and stability, aiming to revive the agreement between Lebanon and the IMF.
