Latest news with #BassamAbouZeid
LBCI
20-05-2025
- Politics
- LBCI
Municipal vote in war-torn south Lebanon highlights shifting political dynamics — the details
Report by Bassam Abou Zeid, English adaptation by Karine Keuchkerian Reconstruction has not yet begun in southern Lebanon, which was devastated by the Israeli war. Yet the region is preparing for municipal elections expected to reflect the choices of its people, amid contests unfolding across all districts. Two factors make these elections different from those in other governorates: Many of the destroyed villages have relocated their polling stations to other areas out of fear of Israeli attacks. Additionally, the elections are scheduled for Saturday, May 24, instead of Sunday, May 25—the anniversary of the liberation of the south from Israeli occupation in 2000. This year's anniversary coincides with parts of southern Lebanese territory being re-occupied. In the South Governorate, there are 153 municipalities: 48 in the Sidon District, six of which are uncontested; 40 in the Jezzine District, with nine uncontested; and 65 in the Tyre District, also with nine uncontested. In the Nabatieh Governorate, there are 119 municipalities: 40 in the Nabatieh District, three of which are uncontested; 36 in Bint Jbeil, with two uncontested; 17 in Hasbaya, with two uncontested; and 26 in Marjeyoun, also with two uncontested. In predominantly Shiite cities, towns, and villages, the Hezbollah-Amal Movement political duo is seeking to demonstrate its strong presence and that its popularity has not been shaken by the war or by targeted campaigns, particularly those directed at Hezbollah. The duo has formed "Development and Loyalty" lists, which are being challenged by independent candidates, leftist groups, and change-driven forces, all aiming to contest what they describe as the alliance's dominance. In the Sunni communities of the south, particularly in Sidon and the Arqoub area, the absence of the Future Movement has turned the elections into family-based contests. However, politics still play a central role, with several parties, various figures, and current and former Sunni members of Parliament backing competing electoral lists. In Christian towns, villages, and cities, political competition—shaped by family dynamics—is expected to be intense, particularly between the Lebanese Forces and the Kataeb Party on one side, and the Free Patriotic Movement and figures close to Parliament Speaker Nabih Berri on the other. Rivalry is especially visible in the contest for the presidency of the Union of Jezzine Municipalities. In Druze communities, politics and family ties are also intertwined. The Progressive Socialist Party remains dominant, followed by the Lebanese Democratic Party. Both have leaned toward cooperation in this election cycle, with Berri also exerting some influence, along with change-driven forces and independent figures.
LBCI
05-05-2025
- Business
- LBCI
IMF awaits action: Lebanon urged to pass banking, fiscal reform bills
Report by Bassam Abou Zeid, English adaptation by Mariella Succar A large delegation from the International Monetary Fund is expected to arrive in Lebanon later this month to begin discussions on the country's stalled financial reforms. On one front, Parliament is reviewing a draft law on banking sector restructuring. On the other hand, the government is working on a financial gap law to identify losses and assign responsibility. Observers following the talks say Lebanon must pass both laws by July at the latest, as the IMF's fall meetings are scheduled for October. The official Lebanese delegation is expected to present these two laws during the sessions. According to information obtained by LBCI, the Central Bank, under the guidance of Governor Karim Souaid, has begun drafting the financial gap law. Recent amendments to Lebanon's banking secrecy law have granted the Central Bank access to bank accounts and the holdings of major depositors, enabling it to obtain key financial data. These steps are essential to defining the scope of restructuring, calculating the financial gap, assigning responsibility, and determining how to recover deposits. The Finance and Budget Committee, headed by MP Ibrahim Kanaan, is set to accelerate discussions on the restructuring law in preparation for joint committee review and a general vote. The draft will serve as a basis for gathering feedback from all relevant stakeholders—including the banks. Sources indicated that neither local nor international backers of the reform will accept legislation that goes against their interests. This also applies to the financial gap law. Lebanon can no longer afford delays in passing these two bills, which are seen as prerequisites for reviving the banking sector. If approved, the laws could help the sector attract investment, draw cash currently held outside the banking system, and curb the cash economy. However, banking sources said that lenders have yet to be consulted on the financial gap legislation. Questions remain about whether the restructuring and financial gap laws will be merged or kept as separate pieces of legislation.
LBCI
01-05-2025
- Business
- LBCI
HSBC freezes accounts over suspected Hezbollah, Hamas funding linked to crypto — the details
Report by Bassam Abou Zeid, English adaptation by Karine Keuchkerian New details have emerged regarding the closure of accounts at HSBC bank. According to reports, HSBC in London has frozen four accounts belonging to Iraqis and two held by Lebanese nationals amid suspicions that these individuals were involved in transferring funds to Lebanon, allegedly used to finance Hezbollah and Hamas, with part of the money being invested in cryptocurrencies, particularly to fund Hamas. U.S. officials discussed the use of cryptocurrencies in Lebanon, speculating that they may be used to finance groups designated by the U.S. as terrorist organizations, with Hezbollah at the forefront. U.S. officials believe that if Lebanon were to regulate and monitor cryptocurrency transactions, it could generate revenue for the country's treasury. This topic has been raised multiple times by the U.S. with Lebanese officials, especially those at the Central Bank of Lebanon. According to sources, U.S. officials believe cryptocurrency trading in Lebanon could be worth billions of dollars, although they lack solid evidence to confirm the figures. The data they have is based on online sources and input from industry experts in Lebanon. Lebanese monetary authorities, however, do not have concrete numbers on this issue, as cryptocurrency trading platforms are not based in Lebanon. Many platforms operate in the U.S. and rely on the KYC standard, which the U.S. believes provides accurate information. However, other platforms, notably those in China, do not adhere to this standard. In their response to U.S. officials, Lebanese monetary authorities stated they are unable to track any buy or sell transactions involving cryptocurrencies, particularly if the holder decides to sell directly to another individual. Although the Americans have currently suspended discussions with Lebanese authorities on the issue of digital currencies due to a lack of adequate cooperation, their sources confirm they will not abandon efforts to address this matter. They are also "scrutinizing" Lebanon's cash-based economy, particularly because both issues involve the U.S. dollar—a currency U.S. officials are determined to track due to its widespread circulation within Lebanese territory.
LBCI
25-04-2025
- Business
- LBCI
Lebanon moves forward with $250M World Bank loan to reform power sector — the details
Report by Bassam Abou Zeid, English adaptation by Mariella Succar Billions of dollars have been spent on Lebanon's electricity sector, yet the country still suffers from a lack of reliable power. The World Bank has repeatedly called for reform due to mounting financial losses and has required a set of changes as a condition for providing a development loan. Several of these reforms have been implemented or are underway. Électricité du Liban (EDL) has completed four key measures: raising electricity tariffs, calculating the cost of revitalizing the sector, establishing a mechanism to convert funds from Lebanese pounds to U.S. dollars, and conducting a financial audit covering 2020 to 2022. The most significant reform—currently being led by the Ministry of Energy—is the appointment of an independent regulatory authority. The World Bank considers this step essential for generating financial returns, which EDL has not seen in decades. In September, the World Bank approved a $250 million loan for Lebanon's electricity sector. The loan became available for implementation on April 23, following its signing by Finance Minister Yassine Jaber during the IMF and World Bank Spring Meetings. Jaber noted that the World Bank's approval process for the loan differs from that of the IMF, which has separate requirements and procedures. The loan will fund several electricity-related projects, including the construction of solar power plants capable of generating 150 megawatts in the Baalbek-Hermel region. These projects will be awarded through tenders that must meet World Bank standards. Additional components include the development of a new transmission network, the creation of a control center for smart meters, and the reconstruction of the electricity distribution control center that was destroyed in the Beirut Port explosion. These efforts aim to reduce technical losses, which currently account for an estimated 15% of unbilled electricity. Lebanon has a timeline of three to five years to complete the project. The World Bank will provide ongoing oversight, disbursing funds in phases contingent on verified progress. EDL will be responsible for repaying the loan.
LBCI
22-04-2025
- Business
- LBCI
IMF and World Bank Spring Meetings: Lebanon hopes to turn positive signals into IMF agreement
Report by Bassam Abou Zeid, English adaptation by Yasmine Jaroudi Lebanon is aiming to send a strong signal of seriousness and intent during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank as it pushes to rebuild trust and secure a long-awaited agreement with the IMF—seen as the country's only gateway to gaining renewed support from both Arab and international partners. The Lebanese delegation to Washington is presenting a unified financial and economic vision, notably with the participation of Finance Minister Yassine Jaber, the first finance minister to attend these meetings since Mohammad Safadi held the post from 2011 to 2014. While expectations from this round of meetings remain modest, the Lebanese team sees it as a foundational step toward an eventual IMF agreement. However, officials are fully aware that reaching such a deal hinges on technical reforms—such as restructuring the banking sector—and key political moves. One of these issues is arms control, with international stakeholders emphasizing the need for exclusive state control over all weapons as a prerequisite for lasting stability. The Lebanese delegation has pointed to recent actions, including the uncovering of cells responsible for launching rockets into Israeli settlements and the seizure of additional rockets intended for similar attacks, as signs of progress on the security front. The IMF and World Bank have welcomed two recent developments: the joint parliamentary committees' approval of amendments to the banking secrecy law, and the Lebanese government's endorsement of a draft law to restructure and reorganize the banking sector. While both steps were seen as positive signals, they remain insufficient on their own to guarantee concrete support from the IMF and World Bank, whose commitment still depends on broader, sustained reforms.
