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Lebanon’s President calls on PM-designate Hariri to form government

Lebanon’s President Michel Aoun Wednesday called on Prime Minister-designate Saad Hariri to form a government or “leave space for others” if he is unable to do so.For the latest headlines, follow our Google News channel online or via the app.“After the Prime Minister-designate, Saad Hariri, presented a government draft line-up that did not meet the minimum level of national balance, which brought the country into the tunnel of obstruction, I invite him to Baabda Palace for the immediate formation of the government in agreement with me, in accordance with the mechanism and constitutional standards adopted in the formation of governments without argument or delay,” Aoun said in a pre-recorded speech.Lebanon is experiencing an unprecedented economic crisis predominantly caused by decades of corruption and mismanagement due to Lebanon’s sectarian system. The crisis was exacerbated by a massive explosion at the Port of Beirut in August, which left 300,000 displaced, over 2,000 injured, and at least 200 dead.The international community has called on the Lebanese political class to set aside sectarian and political divides and facilitate the formation of an independent government capable of conducting the reforms required to unlock badly needed aid.Aoun added that if the Hariri found himself unable to form a government that addressed the dangerous situations that the country and its people were suffering from, “then he must make room for someone else capable of doing so.”Hariri’s office quickly hit back, calling on Aoun to discuss the names of independent candidates with Hariri. “If you cannot sign the decrees forming a salvation government, then allow for early presidential elections,” Hariri’s office said.Read more:Pentagon worried about situation in Lebanon, studying ways to help armyAs financial crises tightens Lebanon reduces food subsidiesProtesters try to storm Lebanon’s economy ministry over currency crisis
Source: Al Arabiya
Full Article: Lebanon’s President calls on PM-designate Hariri to form government

Lebanon agrees to imburse WB fund for families in hard currency

Lebanon’s government and central bank have agreed to imburse international aid and funds to vulnerable Lebanese families and refugees in hard currency following pressure from civil society groups and alternative political parties on the World Bank and international donors.The World Bank has previously approved a US$246 million new project to provide emergency cash transfers and access to social services to approximately 786,000 poor and vulnerable Lebanese reeling under the pressure of Lebanon’s economic and COVID-19 crises.For all the latest headlines, follow our Google News channel online or via the app.Lebanon’s Central Bank announced earlier that the funds will be distributed at a rate of 6,240 Lebanese liras for each US dollar, while the black-market exchange rate has further depreciated to reach 15,000 Lebanese lira per US dollar.A letter to the country’s finance ministry seen by the, representatives of the European Union, United Nations and World Bank said they “take note of the verbal agreement” on February 22 by the Central Bank chief and deputy prime minister for aid to be disbursed in US dollars, Thomson Reuters Foundation reported.Economist Dan Azzi said that the “Wollar” rate, which is the term he created for the exchange rate set by the Central Bank for the World Bank loan, is officially dead.“So, no theft of 30 percent by the Central Bank. Not only that, the old 3900 Lira rate for NGOs & other aid organizations is also dead, so no more theft of 75 percent of the more than a billion US dollars from international charity to the poor,” he added.Researcher at Human Rights Watch Aya Majzoub said that the decision is a “big deal and a big victory.”“International aid to Lebanese and refugees will be given in fresh US dollars rather than Lebanese lira, which had allowed the Lebanon Central Bank and commercial banks to pocket the US dollars and distribute Lebanese liras at a highly depreciated rate,” she said.Read more:Lebanon’s President calls on PM-designate Hariri to form governmentPentagon worried about situation in Lebanon, studying ways to help armyAs financial crises tightens Lebanon reduces food subsidies
Source: Al Arabiya
Full Article: Lebanon agrees to imburse WB fund for families in hard currency