2024-05-17 19:01 - Reading : 4 minute(s)
The tourism sector in Lebanon accounted for 30% of the gross domestic product (GDP) in 2023, with revenues reaching $6 billion. These figures will most likely be difficult to achieve this year, if the ongoing war in Gaza and its repercussions in southern Lebanon persist. In 2023, revenues generated by the tourism sector – $6 billion – ...
Nadia Hallak 2024-05-17 15:16 - Reading : 5 minute(s)
Caretaker Minister of Finance Youssef Khalil affirmed the Ministry's commitment to delivering the 2025 budget within its Constitutional deadline. However, this has sparked significant controversy among citizens, particularly as the budget items will primarily rely on imposing additional taxes to cover the Lebanese State's expenses. This pattern ...
Nicolas Sbeih 2024-05-15 19:07 - Reading : 4 minute(s)
If you are accustomed to supermarket visits, you've likely observed a shift in the variety of products available in recent years. Shelves are now brimming with numerous brands that were nonexistent until recently. This is because importers and retailers have frequently had to turn to new supply sources to adapt to our new situation of ...
This Is Beirut 2024-05-14 13:35 - Reading : 1 minute(s)
Chairman and CEO of the Habitat Bank (BDH) Antoine Habib announced on Tuesday that starting June 1, the BDH will provide loans to rehabilitate housing for people with disabilities. Habib met the President of the National Society for the Rights of Persons with Disabilities, Nawaf Kabbara, and discussed with him BDH’s new project, which involves ...
2024-05-10 19:10 - Reading : 3 minute(s)
Two years ago, in May 2022, Lebanon and the World Bank signed an emergency agreement worth a total of $150 million to preserve food security in Lebanon, through support for wheat imports and a subsidy. This agreement expires on May 25. What about the future? In May 2022, Lebanon and the World Bank (WB) signed an emergency agreement worth a total ...
This Is Beirut 2024-05-10 17:08 - Reading : less than a minute
The Électricité du Liban (EDL) employees’ union announced on Friday the suspension of its strike, observed since May 8. In a press release, the union of employees of the public electricity supplier announced that Saturday, May 11, would be a normal working day, and that it would keep its meetings open to monitor developments. EDL employees ...
2024-05-10 15:45 - Reading : less than a minute
Vice-Governor and acting Governor of the Central Bank (BDL) Wassim Mansouri declared Friday that the BDL’s foreign currency reserves had increased by $1.1 billion. Speaking at a forum held at the Arab University of Beirut, Mansouri also emphasized that “the BDL cooperates with the government to maintain monetary stability in the country, but ...
This Is Beirut 2024-05-09 22:58 - Reading : 2 minute(s)
The Purchasing Managers Index (PMI), published by BlomInvest, recorded in April 2024 the lowest figure in four months, reaching 48.9 points compared to 49.4 the previous month. Commenting on these figures, Fadi Osseiran, CEO of BLOM Bank, stated that this decline is due to difficult economic conditions in Lebanon. The reason behind the decline in ...
Liliane Mokbel 2024-05-09 08:30 - Reading : 3 minute(s)
Lebanon is the "biggest contributor" in the issue of illegal Syrian migrants settled within its borders. Since the 2011 onset of the Syrian war, the country has shouldered a significant burden: the cost of hosting this community is estimated to be over $55 billion. Amid the multidimensional crisis that unfolded in 2019, Lebanon is buckling under ...
Nicolas Sbeih 2024-05-08 20:37 - Reading : 4 minute(s)
In terms of exports, the situation is not exactly at its best and sarcastic remarks are already flying around: “Why would one even expect things to go well? Why should this economic sector fair any different when all sectors, and the entire country, are struggling to thrive and overcome the economic crisis?” The answer lies in the fact that, ...
2024-05-07 21:49 - Reading : 3 minute(s)
The Central Bank of Lebanon (BDL) is actively working on launching the new official platform that will provide the exchange rate of the dollar against the Lebanese pound in the market. This initiative, developed in partnership with Bloomberg, seeks not only to replace Sayrafa but also to ensure transparency in the exchange rate. Originally ...
This Is Beirut 2024-05-07 20:40 - Reading : 1 minute(s)
Caretaker Finance Minister Youssef Khalil affirmed on Tuesday that his Ministry is committed to submitting the 2025 budget within the timeframe stipulated by the Constitution. In a statement, he urged all public bodies, councils, institutions and funds benefiting from financial contributions included in the budget, to submit their draft budgets ...