Lebanon Daily News Brief 2/7/2022

Monday, February 7, 2022


UN Security Council Members: Deliver Reforms, Ensure Effective International Support

In a press statement released on Friday, Members of the UN Security Council called on the Lebanese government to implement a number of key measures such as, swiftly adopting an appropriate budget for 2022; encouraging full, equal and meaningful participation of women as candidates and voters in the election; enabling the Supervisory Commission for Elections to carry out its mandate; facilitating a swift, independent, impartial, thorough, and transparent investigation of the August 4th Explosion. The statement also condemned the December attacks against UNIFIL personnel.[L’Orient Today]


Association of Banks Rejects Draft Financial Plan 

In a written statement, the the Association of Banks in Lebanon (ABL) said, “This hypothetical draft plan indicates it can eliminate the so-called “losses” in order to balance the books. This approach… is a liquidation approach and will lead to a persistent loss of confidence for generations to come.”[Reuters]


France, Luxembourg Seek Information On BDL Governor
According to Reuters, Lebanon has received letters from French and Luxembourg authorities asking for information relating to Lebanon Central Bank Chief Riad Salameh’s bank accounts and assets.” This follows reports in November that the Government of Luxembourg had opened ‘a criminal case’ in relation to Salameh, as well as his affiliated companies and assets.[Reuters]


Lebanese-Founded Anghami Goes Public on NASDAQ
Music streaming platform Anghami, founded in Lebanon in 2012 and now based in Abu Dhabi, began officially being listed on the NASDAQ stock exchange today. The app has now over 75 million registered users and 40 telecom partners in the MENA region.[The961]



How Is The Patient, Doctor? Doctor…Oops, Gone To Dubai

Jean AbiNader

AbiNader writes, “Just when Lebanon should be taking initiatives to rebuild its credibility in the eyes of the foreign countries that may be home to potential investors in Lebanon, it instead shoots itself in both feet, becoming hobbled in its capabilities to attract the larger financial support it really needs. Even if the Lebanese staff are paid in local currency such as USD, do the government cutbacks imply that consulate and embassy officers will also have to bear wage cuts that will require further efforts to secure additional sources of income? . . . On top of that, preliminary details of a proposed monetary restructuring under discussion that was seen by Reuters, “projects a 93% devaluation of the Lebanese pound and converts the bulk of hard currency deposits in the banking system to local currency . . . Ahead of the many restless nights and painful days preceding the approval of such a plan, I encourage you to read the article and to mobilize for fairness and equity.”

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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