This Is Beirut 2024-01-03 18:02 - Reading : 3 minute(s)
The Lebanese will enjoy more hours of electricity supply starting Wednesday evening, following the arrival to Lebanon of a diesel-loaded ship to operate power plants. In addition, caretaker Energy Minister Walid Fayad has received the draft of a new fuel agreement with Iraq. Power supply hours will gradually improve, reaching four hours a day ...
Liliane Mokbel 2024-01-03 17:10 - Reading : 4 minute(s)
A technical assistance report from the International Monetary Fund (IMF) highlighted the “dire conditions” of the Information Systems (IS) departments within the Lebanese tax and customs administrations. As per the IMF report, there is a real and pressing concern about the imminent collapse of Lebanon's tax and customs administrations. The ...
This Is Beirut 2024-01-03 17:04 - Reading : less than a minute
Caretaker Finance Minister Youssef Khalil announced on Tuesday evening the extension of payment deadlines for certain taxes. This initiative is designed to give taxpayers more time to pay their dues and avoid having them sustain penalties for late payment. The deadline to submit the annual income tax return and the Beneficial Owner Statement ...
This Is Beirut 2024-01-02 23:10 - Reading : 3 minute(s)
The parliamentary Finance and Budget Committee, led by MP Ibrahim Kanaan, kicked off the year by holding two meetings on Tuesday. The committee reviewed and approved the budgets of the Ministries of Health, Labor, Tourism, Economy and Foreign Affairs as part of the assessment of the budget proposal for the year 2024. This proposal was endorsed by ...
This Is Beirut 2024-01-02 21:39 - Reading : less than a minute
Caretaker Minister of Labor Moustafa Bayram announced the standardization of travel allowances across the public and private sectors, along with an increase in the minimum wage for the private sector. In an interview with "Voice of All Lebanon," he disclosed that the index commission will convene next Thursday. "We will announce the ...
2023-12-31 17:26 - Reading : 7 minute(s)
The year 2023 has been marked by numerous uncertainties and cautious optimism in Lebanon. The economic retrospective of the past year is largely shaped by the impacts of a series of economic and political upheavals. However, amidst the challenges, there have been positive developments. Let's reflect on some significant events. The Dollar Reaches ...
Liliane Mokbel 2023-12-30 16:08 - Reading : 4 minute(s)
The retirement pension plan, set to replace the end-of-service benefits, was approved by Parliament on December 15. Nevertheless, its implementation hinges on the signing and promulgation of approximately fifteen implementation decrees. Mohamad Karaki, the General Director of the National Social Security Fund (CNSS), has indicated that ...
Liliane Mokbel 2023-12-27 20:49 - Reading : 3 minute(s)
Parliament meticulously voted on December 15, 2023 on the law regarding commercial leases. Despite the National Assembly's careful consideration, tenants and landlords voiced their dissatisfaction—a much-expected reaction, to say the least. Amid great socio-economic fragility, the law enacted on December 15, 2023 is progressively ending, over ...
Nicolas Sbeih 2023-12-27 19:40 - Reading : 5 minute(s)
For the past four years, this somewhat recurrent idle tune has echoed in nearly every opinion, critique and analysis regarding the performance of banks at the outset of the economic crisis. According to these endless rantings, the banks allegedly transferred massive sums of money abroad for a select few privileged individuals, while denying the ...
This Is Beirut 2023-12-26 21:24 - Reading : 2 minute(s)
The parliamentary Finance and Budget Committee, chaired by MP Ibrahim Kanaan, examined the budgets of the Ministries of Justice, Environment and Youth and Sports on Tuesday. The aim was to study and approve the budgets of these ministries, as part of the review of the draft budget for fiscal year 2024, validated by the Council of Ministers on ...
2023-12-22 18:34 - Reading : 3 minute(s)
Starting May 2023, the calculation of electricity bills will be based on the official exchange rate determined by the Central Bank (BDL). As for the fuel ship expected to refuel the power plants and prevent a total blackout, it is supposed to dock in Lebanon before December 28. As of May 2023, electricity bills will be calculated based ...
Liliane Mokbel 2023-12-22 13:59 - Reading : 3 minute(s)
The ongoing conflict in Gaza is a major shock to Lebanon's precarious growth model, as underscored in the latest World Bank report. The latest World Bank report on Lebanon, the 'Lebanon Economic Monitor (LEM)' for Fall 2023, headlined "Caught in a New Crisis," underscores the fragility of a Lebanese economy, whose growth expectations have been ...