Caretaker PM Mikati Likely to Be Nominated as Prime Minister Again According to a Reuters report, Caretaker Prime Minister of Lebanon Najib Mikati will likely be called upon by Lebanese President Michel Aoun to form a new government once again as the new Prime Minister. “If more parliamentarians back Mikati than any other candidate on Thursday, even if they do not comprise an absolute majority, then Aoun will name him to form a government.” [Reuters] Lebanon’s Former Ambassador and Permanent Representative to the UN, Nawaf Salam, is also in the running to be nominated as the next Prime Minister. [L’Orient Today]
State Security Forces Raid BDL Governor’s Home Today Lebanon’s State Security Forces conducted a raid on a home belonging to Central Bank Governor Riad Salameh in the town of Rabieh as part of an ongoing corruption investigation that is being conducted against him. Judge Ghada Aoun, the prosecutor who charged Salameh, among others, with illicit enrichment, participated in the raid. [The National]
Forensic Audit Team to Arrive in Lebanon on June 27 A team from the US-based firm Alvarez and Marsal (A&M) is set to arrive in Lebanon on June 27 and begin its long-anticipated forensic audit of the country’s central bank, which has faced several ‘false starts.’ [Reuters]
High Tourism Summer Expected to Yield $3 Billion for Lebanese Economy The Lebanese Minister of Tourism Walid Nassar said to reporters that, “This summer is promising. We expect more than a million tourists and an income of $3-3.5 billion during this summer season.” According to The 961, “Lebanon is expected to receive between 10,000 and 12,000 tourists per day and around 1 million tourists over the next few months, which will hopefully help revive the country’s economy.” [The 961]
OPINION & ANALYSIS
The Lebanese Center for Policy Studies Energy Crisis: A New Dawn For Lebanon? Carole Nakhle
Nakhle writes, “Lebanon’s energy and electricity mixes are largely dependent on imported petroleum, which covers more than 90 percent of the country’s needs. These imports also account for nearly 30 percent of Lebanon’s total merchandise imports, making it vulnerable to rising oil prices. However, it is the severity of the crisis that may force the government to pass desperately needed reforms, especially if accompanied by sufficient domestic and international pressure. In April, for instance, the International Monetary Fund (IMF) announced that the Lebanese authorities, with IMF staff support, have formulated a comprehensive economic reform program in exchange for a four-year extended fund facility. If past experience is any guide, the risk of the program being derailed is high. However, the results of the parliamentary elections last May indicate a strong desire on the part of the electorate to challenge the existing establishment and change the status quo. The presence of more independents and representatives from the civil society among MPs can keep the government’s commitment to reform in check.”
Reuters Lebanon’s Bank Audi, Others, Disavow Banking Group’s Objection To IMF Plan Timour Azhari and Maya Gebeily
Azhari and Gebeily write, “The two banks, as well as bankers from two other members of the Association of Banks in Lebanon (ABL) who asked to speak anonymously due to the sensitivity of the matter, said they were not aware the letter was being sent on ABL’s behalf . . . Their objection to the letter’s contents reveals growing fissures in the association, which counts more than 50 banks as members . . . An ABL spokesperson confirmed the letter had been sent on behalf of the association but did not immediately respond to questions on how the decision to send it was taken.”
Disclaimer: The views and opinions expressed in these articles are those of the author and do not necessarily reflect the position of the American Task Force on Lebanon, a non-profit, nonpartisan leadership organization of Lebanese-Americans.
