SME Times is powered by   
Search News
Just in:   • 'Enhanced cooperation between India, B'desh will make S Asia hub for apparel innovations'  • Nepal's economy not like Sri Lanka's, but can go that way: Former central bank Guv  • 'Time to move from 'Volume' to 'Value' leadership in Pharma market'  • Ola Electric slips to 4th spot as EV registrations fall amid fire fears  • T.Raja Kumar takes over as FATF chief 
Last updated: 21 May, 2022  

Africa.9.Thmb.jpg Lebanon adopts economic recovery plan amid financial meltdown

Africa.9.jpg
   Top Stories
» 'Time to move from 'Volume' to 'Value' leadership in Pharma market'
» Large borrowers' loan accounts and bad loans decline: RBI
» Kharif 2022: Rice, oil seeds sowing less, pulses, coarse cereals more over 2021
» RBI hits hard on Bitcoin, DeFi, crypto trading platforms
» Import duty on gold increased, may not impact demand
IANS | 21 May, 2022
The Lebanese government has adopted an economic recovery plan aimed at saving the country from a three-year financial meltdown, according to a statement by the council of ministers.

Several measures in the plan are what the International Monetary Fund has required for its bailout, such as restructuring the banking sector and reforming a banking secrecy law, reports Xinhua news agency.

According to the new plan, "a large part" of the Lebanese central bank's foreign currency obligations to commercial banks will be cancelled and non-viable banks should be dissolved by November.

The largest 14 commercial banks in Lebanon, representing 83 per cent of the country's total assets, will be audited, and viable banks recapitalized with "significant contributions" from bank shareholders and large depositors.

Prime Minister Najib Mikati said the plan will protect small depositors "to the maximum extent possible" in each viable bank.

A similar plan endorsed by the government of then Prime Minister Gassan Diab in April 2020 was rejected by Lebanon's Association of the Banks as it would leave banks and depositors bearing a loss estimated by the government at about $72 billion.

The incumbent government led by Mikati will become a caretaker as of Saturday because a new Parliament was elected on May 17 and a newly elected speaker, together with the president, will nominate a new prime minister.

Lebanon has been suffering an unprecedented financial crisis amid lack of US dollars, leading to the currency to lose more than 90 per cent of its value since 2019, while also plunging over 70 per cent of the population into poverty.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 04 Jul, 2022
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» China's forex reserves reach USD 2.85 trillion(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter