Latest news with #YassinJaber
Shafaq News
06-05-2025
- Business
- Shafaq News
Iraq to Lebanon: Wheat and oil talks
Shafaq News/ Iraq plans to deliver 320,000 tons of wheat to Lebanon and is in talks to reactivate a long-dormant oil pipeline linking the two countries, Lebanese Finance Minister Yassin Jaber said on Tuesday. Speaking to reporters after a visit to Baghdad, Jaber said Lebanon's Ministry of Economy is preparing to receive the wheat shipment in the coming period. He added that both sides are exploring the revival of the Iraq-Lebanon oil pipeline, a route that once supplied crude to Lebanon's northern Tripoli refinery before it was shut down due to regional instability. 'The discussions include renovating the refinery in northern Lebanon, pending the resolution of security concerns in Syria and ensuring safe passage for the pipeline,' Jaber said. The two countries
Asharq Al-Awsat
28-04-2025
- Business
- Asharq Al-Awsat
Lebanon's Finance Minister to Asharq Al-Awsat: Depositors' Funds to Be Recovered in Three Phases
Yassin Jaber, Lebanon's Finance Minister and head of the Lebanese delegation to the IMF and World Bank Spring Meetings in Washington, said that the recovery of depositors' funds in Lebanese banks will take place in three consecutive phases. Acknowledging US pressure to shut down the Al-Qard Al-Hassan Association affiliated with Hezbollah, Jaber emphasized the need for a defensive policy aimed at disarming militias. He also spoke of Lebanon's 'natural' return to the 'Arab embrace,' describing relations with Arab states — particularly Saudi Arabia — as 'excellent. In an interview with Asharq Al-Awsat, Jaber described his meetings on the sidelines of the IMF and World Bank gatherings as 'generally positive,' stressing the importance of the visit in helping to bridge the trust gap that had widened over the years between Lebanon and the international community, as well as with its Arab allies. He noted that the meetings with IMF representatives included the presentation of 'essential reforms' approved by the Lebanese government, emphasizing that these reforms were not being implemented to appease external parties but were necessary steps for the benefit of Lebanon itself and its people. The minister explained that reforms in sectors like electricity are aimed at providing better services to Lebanese citizens, enabling them to pay lower bills and receive uninterrupted electricity supply, rather than relying on costly private generators. Jaber considered the recent parliamentary vote to amend banking secrecy laws — passed by a majority of 87 votes — a clear vote of confidence in the government's reform efforts. He also mentioned a new draft law for restructuring the banking sector, which has been referred to the parliamentary Finance Committee for expedited review before being presented to the general assembly. Regarding the recovery of depositors' funds, Jaber stressed that Lebanon's current priorities are broad and simultaneous, encompassing agreements with the IMF and World Bank, addressing the issue of unpaid sovereign debt, banking sector reform, and returning funds to depositors. He revealed that Lebanon's new Central Bank Governor, Karim Saeed, is preparing a comprehensive plan to restructure banks and return depositors' funds. 'No banking system worldwide can return all depositors' money at once. Recovery will occur in phases, beginning with middle-income depositors — those with balances of $100,000 or less — who represent 84 percent of all depositors,' Jaber said, adding that larger deposits will be addressed subsequently, with amounts up to $500,000 or even $1 million, before moving to higher brackets. Although the plan will be presented in full, the payouts will be made gradually over time, he noted. The Lebanese minister underlined the critical need for a functioning banking sector that is adequately capitalized and compliant with international standards. He explained that if certain banks fail to meet these requirements, they may be merged, either individually or through the consolidation of two or three banks to achieve stability. Jaber also warned that Lebanon's inclusion on the Financial Action Task Force (FATF) gray list resulted from the country's reliance on cash transactions, and that restoring trust in the banking sector and reducing cash-based activity are essential for Lebanon's removal from the list. In addressing the US call to shut down Al-Qard Al-Hassan, Jaber said the matter falls within the jurisdiction of the Central Bank Governor and not the Finance Ministry, noting that the authorities will observe developments closely. Touching on Lebanon's gold reserves, he said: 'These assets bolster confidence in the Central Bank's holdings and its future credibility.' He lamented past policy errors under former Governor Riad Salameh, which, he said, will now be avoided. He also categorically ruled out any move to liquidate the gold reserves, explaining that such a decision is not within the authority of the Central Bank Governor, the finance minister, or even the government. 'Any move to sell gold would require a parliamentary decision, and at present, this issue is not under discussion,' the minister told Asharq Al-Awsat. On the sensitive issue of Hezbollah's arms, Jaber explained that the Lebanese Army is deployed in the South and is rigorously implementing United Nations Resolution 1701. He emphasized the importance of empowering the army with sufficient resources and proper organization to fulfill its duties. 'President Joseph Aoun, who handles this file with deep understanding gained from his years as an army commander, is managing the matter wisely,' he said. While there remains pressure, logistical and manpower challenges continue to hinder full deployment, with efforts underway to recruit thousands of additional troops, according to the minister. Jaber noted that all political parties, including Hezbollah, have expressed respect for the army and a willingness to cooperate with it. He stressed that the President remains committed to developing a national defense strategy and will soon convene dialogue sessions to move this process forward, urging patience and time for these initiatives to materialize. Turning to Lebanon's relations with Saudi Arabia and the broader Arab world, Jaber stated: 'It is natural for Lebanon to belong within the Arab fold,' citing the historic ties and the presence of hundreds of thousands of Lebanese expatriates in Saudi Arabia, the UAE, Kuwait, Qatar, and Iraq. He described the current relationships as 'extremely positive,' saying: 'Our hand is extended, and we are making every effort to maintain the best possible relations with our Arab brothers.' He further praised Arab countries as Lebanon's 'big brothers,' expressing gratitude for their continued concern and support for Lebanon's stability and prosperity. Jaber emphasized that no other country could have withstood the sequence of crises Lebanon has faced — including the 2019 financial collapse, the 2020 Beirut port explosion, the COVID-19 pandemic, a prolonged presidential vacuum, a paralyzed government, a suspended Parliament, and over a year of conflict. The minister reminded Arab nations that Lebanon continues to host two million Syrian refugees, drawing a comparison by suggesting that if the United States hosted 120 million Mexicans for two years, it too would be overwhelmed. He concluded by calling on Lebanon's Arab and international allies to stand by the country as it strives to implement genuine, structural reforms across all sectors.
National News
27-04-2025
- Business
- National News
Jaber during 'Spring Meetings' in Washington: Lebanon faces a historic opportunity to regain both international community & Lebanese people's confidence
NNA - The Lebanese official delegation headed by Finance Minister Yassin Jaber, took part in the spring meetings of the International Monetary Fund and the World Bank in Washington, with a remarkable outcome in terms of affirming Lebanon's commitment to reforms leading to recovery and reassuring all parties that the fruits of this effort will benefit the Lebanese people first and foremost, a domestic interest before being an external demand. On behalf of the Lebanese government, Jaber emphasized commitment to the path of economic and institutional reform, highlighting that "the country faces a historic opportunity to regain the confidence of both the international community and Lebanese citizens." Commending the Lebanese Parliament's passing of the law to lift banking secrecy, the Finance Minister considered that "the 87 deputies' vote on it represented a vote of confidence in the government's reform plan." Jaber indicated that the new government, with the support of the newly elected president, has embarked on implementing a package of structural reforms, including the approval of the 2025 budget, the launch of reforms to the banking secrecy law, the development of modern tax laws, and the strengthening of governance and monitoring within state institutions, particularly in the energy, aviation, and telecommunications sectors. During Jaber's "fruitful" meetings with OPEC Fund Head Abdul Hamid Khalifa, the latter expressed the fund's interest in supporting Lebanon financially and technically in several areas. Jaber also held another meeting with the Deputy Managing Director of the International Monetary Fund, Nigel Clark, who expressed great optimism that Lebanon, through the available opportunities and the support granted, would achieve not only financial and banking reform, but also create a favorable environment for investment and social spending that would enhance stability on multiple levels. Participating in a meeting of MENA countries chaired by the head of the International Monetary Fund on the region's economies, Jaber called for supporting Lebanon, "which is suffering from one of the most serious financial and humanitarian crises." He also thanked the finance ministers of Saudi Arabia and Qatar for their statements calling for support for Lebanon. Jaber also referred to a "successful meeting that opens up prospects for future cooperation" with Mr. Mohammed Al-Jasser, President of the Islamic Development Bank. Concluding its meetings in Washington, Lebanon's delegation participated in a dialogue roundtable for Lebanese financing in the field of recovery and reconstruction through the Lebanon Emergency Assistance Project (LEAP), which brought together relevant international parties from the World Bank and the International Monetary Fund, along with representatives of international and Arab organizations, bodies, funds, and countries. Discussions focused on ways to finance reconstruction and recovery projects, determine funding priorities, and allocate the necessary resources to implement projects that contribute to enhancing economic recovery. It is noteworthy that France opened the contributions by providing 75 million euros, while the World Bank will continue to follow up with all other parties that have expressed a willingness to assist, in order to determine their contributions. ============
Nahar Net
25-04-2025
- Business
- Nahar Net
Lebanon gets $250 million World Bank loan to ease electricity crisis
by Naharnet Newsdesk 25 April 2025, 11:37 The World Bank will grant Lebanon a $250 million loan that will be used to help ease electricity cuts in the crisis-hit country, the country's finance ministry said. Lebanon has faced major electricity problems for decades, but the situation became worse following an economic meltdown that began in late 2019. The 14-month Israel-Hebzollah war that ended in late November also badly damaged electricity and other infrastructure in parts of Lebanon. The state-run National News Agency said the deal between Lebanon and the World Bank was signed in Washington by Finance Minister Yassin Jaber and Jean-Christophe Carret, the bank's regional director. Lebanese officials including Jaber, Economy Minister Amer Bisat and Central Bank Governor Karim Souaid are in Washington for the Spring Meetings of the World Bank and the International Monetary Fund. "This loan forms a strong push to steps of reforms that Lebanon is carrying out to fix this sector," Jaber was cited by the news agency as saying. Most people in Lebanon rely on private generators to produce electricity that is high in cost and causes pollution. The loan will be used to improve collection of electricity bills as well as improving solar farms that would save $40 million annually, according to the report. Lebanon's President Joseph Aoun and Prime Minister Nawaf Salam have vowed to work on implementing reforms and fighting corruption and decades-old mismanagement by the ruling class to get Lebanon out of an economic crisis that the World Bank has described as among world's worst since the 1850s. In Beirut, parliament on Thursday approved a law to meet a key demand of the International Monetary Fund to remove the decades-old banking secrecy before the IMF agrees to a bailout program. The 1956 banking secrecy law, that prevents revealing information about clients and their accounts, attracted lots of foreign deposits into the country in its early years but more recently it was seen as an obstacle to fighting corruption and money laundering in the small nation. The new law, which was approved in parliament by 87 votes with 13 against, states that there is a 10-year retroactive period, meaning pre-2015 accounts will not be covered by the secrecy provision. Since Lebanon's economic slide began in October 2019, three-quarters of the population of 6 million people, including 1 million Syrian refugees, plunged into poverty. The Lebanese pound has lost more than 90% of its value.
24-04-2025
- Business
Lebanon gets $250 million World Bank loan to ease electricity crisis
BEIRUT -- The World Bank will grant Lebanon a $250 million loan that will be used to help ease electricity cuts in the crisis-hit country, the country's finance ministry said Thursday. Lebanon has faced major electricity problems for decades, but the situation became worse following an economic meltdown that began in late 2019. The 14-month Israel-Hebzollah war that ended in late November also badly damaged electricity and other infrastructure in parts of Lebanon. The state-run National News Agency said the deal between Lebanon and the World Bank was signed in Washington by Finance Minister Yassin Jaber and Jean-Christophe Carret, the bank's regional director. Lebanese officials including Jaber, Economy Minister Amer Bisat and central bank governor Karim Souaid are in Washington for the Spring Meetings of the World Bank and the International Monetary Fund. 'This loan forms a strong push to steps of reforms that Lebanon is carrying out to fix this sector,' Jaber was cited by the news agency as saying. Most people in Lebanon rely on private generators to produce electricity that is high in cost and causes pollution. The loan will be used to improve collection of electricity bills as well as improving solar farms that would save $40 million annually, according to the report. Lebanon's President Joseph Aoun and Prime Minister Nawaf Salam have vowed to work on implementing reforms and fighting corruption and decades-old mismanagement by the ruling class to get Lebanon out of an economic crisis that the World Bank has described as among world's worst since the 1850s. In Beirut, parliament on Thursday approved a law to meet a key demand of the International Monetary Fund to remove the decades-old banking secrecy before the IMF agrees to a bailout program. The 1956 banking secrecy law, that prevents revealing information about clients and their accounts, attracted lots of foreign deposits into the country in its early years but more recently it was seen as an obstacle to fighting corruption and money laundering in the small nation. The new law, which was approved in parliament by 87 votes with 13 against, states that there is a 10-year retroactive period, meaning pre-2015 accounts will not be covered by the secrecy provision. Since Lebanon's economic slide began in October 2019, three-quarters of the population of 6 million people, including 1 million Syrian refugees, plunged into poverty. The Lebanese pound has lost more than 90% of its value.
