Latest news with #LaraElHachem
LBCI
28-05-2025
- Business
- LBCI
IMF mission in Beirut — will Lebanon seize its 'last chance'?
Report by Lara El Hachem, English adaptation by Karine Keuchkerian A month has passed since the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF), in which Lebanon participated in an attempt to bridge the gap with the international community. The IMF mission is arriving in Beirut to follow up on Lebanon's progress, largely unconcerned with the narrow, often paralyzing details of domestic debates shaped by political protections and conflicting interests. What the IMF seeks in order to sign an agreement with Lebanon is assurance that the country can sustainably repay its debts—through accountable institutions and a state capable of attracting investment. So, what progress has Lebanon made in the past month? Since the adoption of the banking secrecy law in the form requested by the IMF, no tangible progress has been made on reforms. The draft law to restructure the banking sector remains stalled in discussions between a parliamentary subcommittee and the central bank governor. Meanwhile, the government is waiting for the central bank to submit the draft financial gap law so it can be reviewed and forwarded to Parliament. As has been the case since the financial crisis began, reform legislation is moving at a slow pace in Parliament. The situation is no better in government, despite its stated awareness that this may be its final opportunity to act. Several weeks ago, Lebanon received a governance and corruption assessment from the IMF, identifying weaknesses in various sectors—including customs, public financial management, the central bank, and others—and offering recommendations on governance and anti-corruption measures in these areas. The Lebanese government is now in the final stages of reviewing the IMF's recommendations and evaluating how they align with the local context through nine specialized teams. The state cannot afford further delay. Lebanon's commitment to these reforms will be a key condition for signing any agreement with the IMF.
LBCI
08-05-2025
- Politics
- LBCI
South Lebanon under fire: Details unfold on the wave of Israeli strikes on Nabatieh
Report by Lara El Hachem, English adaptation by Yasmine Jaroudi In less than ten minutes, the Nabatieh district in South Lebanon was struck by approximately 20 Israeli airstrikes. A wave of airstrikes surrounded the area stretching between Kfar Tebnit, Nabatieh El Faouqa, and Kfar Roummane, located north of the Litani River near the elevated positions of Ali Al-Taher, Dabche, and Al-Tahra. These highlands, once used by the Israeli occupation as strategic military outposts before the 2000 liberation, have since been regarded by residents of Nabatieh as natural reserves. However, Israel claimed that its strikes targeted 'Hezbollah's fire and air defense coordination system,' allegedly part of an underground strategic project. Residents described the airstrikes as the most intense since the ceasefire, noting that they occurred in broad daylight during peak daily activity, with schools in session and people at work. The attacks triggered widespread panic, prompting some parents to rush to schools and pull their children out. The bombings also hit populated areas, causing casualties and injuries, and severed access to Al-Tahra by destroying a main road. While Israeli strikes continued north of the Litani River, the Lebanese Army conducted joint patrols with a U.S. team affiliated with the ceasefire monitoring committee. The patrols focused on sensitive points south of the Litani River and involved reconnaissance of crossings separating the north from the south. The army reviewed security measures at checkpoints and inspected several crossings that it had previously closed.
LBCI
02-05-2025
- Politics
- LBCI
Hamas under scrutiny in Lebanon — will the state take control?
Report by Lara El Hachem, English adaptation by Karine Keuchkerian The decision has been made: illegal weapons will no longer be tolerated on Lebanese soil. With these words, informed sources summed up the focus of the Higher Defense Council's meeting, which devoted a significant portion to discussing Hamas' security activity in Lebanon following recent rocket launches from the south toward Israeli territory. For the first time, the Defense Council has issued such a clear and direct decision. Why was this decision made now? Available information indicates that President Joseph Aoun had been awaiting the completion of investigations and confirmation of the individuals responsible for launching the rockets. Once the picture became clear, the meeting was convened—coinciding with security preparations for municipal elections and developments in Syria and their impact on Lebanon. LBCI has learned that four individuals have been detained by army intelligence in connection with the rocket fire—Palestinian and Lebanese nationals. The military prosecutor's office is expected to begin legal proceedings against them early next week. The detainees admitted ties to Hamas, though the rocket launches were not directed by the group's central leadership. At the same time, efforts are underway to apprehend four Palestinian fugitives. Army intelligence had previously requested that Hamas hand them over. In the presence of security chiefs, relevant ministers, and senior judicial officials—including the government commissioner to the military court and the public prosecutor—President Aoun warned against allowing Lebanon to become a platform for destabilization. The prime minister also stressed the need to surrender illegal weapons in accordance with the National Accord document and the ministerial statement. While Lebanon remains committed to the Palestinian cause, it now enters a new phase—one in which no group will be allowed to use Lebanese territory as a base for operations, either in execution or financing. The Defense Council's decision comes as Palestinian President Mahmoud Abbas is expected to arrive in Beirut on May 21 to discuss the future of weapons in the camps. Despite the complexity of the Palestinian arms issue—given the number of factions and leadership structures—political sources say any statement from Abbas would strengthen efforts to assert state authority and place pressure on those who oppose this path.
LBCI
30-04-2025
- Business
- LBCI
Financial overhaul: Finance Committee debates bank reform, fails to move forward on legislation
Report by Lara El Hachem, English adaptation by Yasmine Jaroudi A heated three-hour session of Lebanon's Parliamentary Finance and Budget Committee failed to advance the draft banking reform law, as MPs debated the general framework without addressing specific provisions or proposed amendments. The meeting saw unusually high participation, with 45 MPs in attendance. While many emphasized the importance of safeguarding depositors' rights, some MPs left the session describing the discussions as unproductive, while others viewed them as constructive. The law, which outlines a roadmap for restructuring Lebanon's embattled banking sector, remains unenforceable pending the passage of the Financial Gap Law, as stipulated in Article 37 of the draft. Although most parties agreed on this matter, deep divisions emerged over its implications. Hezbollah criticized the premise of tying one law to another that has yet to be introduced, calling the open-ended timeline for enacting the Financial Gap Law a 'legal flaw.' The Amal Movement echoed that sentiment. The Lebanese Forces Party urged lawmakers to accelerate the review of both laws to hasten the restructuring of banks and restore financial stability. Meanwhile, the Free Patriotic Movement (FPM) accused the bill of legalizing "haircuts" on deposits, calling for a comparative study of how other countries have addressed similar crises. Finance Minister Yassine Jaber, who attended the session, defended the government's draft, citing international examples and reiterating that work on the Financial Gap Law would begin after the Banque du Liban (BDL) shares its input. Committee Chair Ibrahim Kanaan announced that BDL governor Karim Souaid will appear before the committee next week after missing Wednesday's meeting due to travel. In a statement, Souaid confirmed that he would submit the first draft of the banking restructuring plan, emphasizing that all stakeholders should align behind a single goal: achieving a gradual and sustainable economic recovery. The bank stressed that this must be based on a stronger banking sector, an independent central bank, and a fair, realistic mechanism for repaying depositors over time.
LBCI
25-04-2025
- Business
- LBCI
Banking secrecy amendment boosts Lebanon's reform credibility — will donors see it as real change?
Report by Lara El Hachem, English adaptation by Karine Keuchkerian An 87-vote amendment to Lebanon's banking secrecy law was a key component of the Lebanese delegation's mission to Washington. Following negotiations between Lebanese delegations in Washington and Beirut, and at the request of the International Monetary Fund (IMF), the amendment added auditors or assessors appointed by the central bank or the Banking Control Commission to the list of entities authorized to lift banking secrecy. Passing the amendment in this form will allow Lebanon to participate in an upcoming roundtable on recovery and reconstruction with a strong reform agenda, strengthening its position in reports to be prepared by conference participants. The conference will include countries such as Saudi Arabia, Qatar, France, and the United States, as well as international organizations and financial institutions. It is considered a first step toward securing the sought-after $2 billion reconstruction loan. The conference follows a meeting with the IMF's managing director, which Lebanon's finance minister described as 'very positive.' The seriousness and coordination shown by the Lebanese delegation were met with optimism, as international partners reaffirmed their willingness to cooperate if the reform process continues and actions match rhetoric. This cooperation has already begun, with offers of technical assistance to Lebanon in various sectors, and an IMF delegation is expected to visit Beirut in May.
