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Wazni to investors: Lebanon’s old economic model did not work

in English/إقتصاد عام

Finance Minister Ghazi Wazni Friday told investors and Eurobond holders that the dwindling foreign currency reserves, high budget deficit and severe economic conditions have forced Lebanon to restructure the public debt. Wazni, who made an online presentation from his office at the Finance Ministry, stressed that the government was keen to implement broad reforms to…

Hout: MEA loses $1 million a day due to flights suspension

in English/إقتصاد عام

Middle East Airlines is losing $1 million every day since the suspension of flights in March 18 after the government decided to lockdown the country to contain spread of coronavirus, MEA chairman Mohammed Hout said Thursday. “In our estimates we are losing $1 million every day due to the suspension of all our flights. But…

Eurobond credit insured to get $400 million indemnity

in English/أعمال وأسواق مالية

A payment of close to $400 million was ruled in favor of investors holding credit insurance on Lebanon’s Eurobonds according to a binding decision from a credit default swap (CDS) committee. The payout is an indemnity after a payment suspension of $1.2 billion Eurobond due earlier this month. The exact value will be decided at…

Solidere registers $112 million property sales in first two months 2020

in English/إقتصاد عام

Real estate giant Solidere said in a report released Tuesday that it has sold over $112 million worth of properties in the first two months of 2020 which could explain the reasons behind the rise in the stocks of the company on Beirut Stock Exchange over the past few months. For the year 2019, total…

Lebanon to stop paying all Eurobonds: Finance Ministry

in English/أعمال وأسواق مالية

Lebanon will stop payments on all its foreign currency Eurobonds, the Finance Ministry said Monday, as the government seeks to devise a rescue plan for the country’s financial crisis. The the ministry said in a statement that “the government has decided to discontinue payments on all its outstanding U.S. dollar-denominated Eurobonds” and the ministry will…

Several local groups to produce ventilators

in English/إقتصاد عام

Several teams of businesspeople plan, each independently, to manufacture medical ventilators locally. Each of these teams is collaborating with doctors and universities in the design and the preparation of the prototypes. The aim is to provide an additional ventilator supply in case the available quantity of this equipment cannot cope with the number of patients…

Nehme: Cabinet to mull haircut of Eurobonds held by banks

in English/إقتصاد عام

The government is mulling the possibility of applying a haircut on part of the sovereign Eurobonds held by Lebanese commercial banks as part of efforts to restructure the public debt, Economy and Trade Minister Raoul Nehme said Wednesday. He also hinted that unpegging the lira from the dollar may be an option in the long…

Lebanese banks’ main solvency risk is exposure to central bank

in English/إقتصاد عام

The main risk to Lebanese banks’ solvency following Lebanon’s $1.2 billion Eurobond default is their exposure to the central bank, Banque du Liban (BdL), Fitch Ratings said in a report. Lebanon’s prime minister, Hassan Diab, said on March 7 that the country will not make a $1.2 billion bond payment due on March 9. With…

Lockdown wreaks havoc on Lebanon’s economy

in English/إقتصاد عام

The coronavirus pandemic has not only rattled Lebanon’s residents fear among citizens but has also wreaked havoc on the country’s economy, which was already suffering from steep recession, economists and businessmen said. Nearly 90 percent of companies, businesses, malls, shops, restaurants and movie theaters closed down after the Cabinet declared a countrywide lockdown until March…

A rare glimpse into $30B Lebanese debt restructuring plan

in English/إقتصاد عام

Sovereign bond restructurings are rarely smooth. Lebanon’s looks like it will be particularly rocky. The rules underpinning the nation’s looming debt overhaul may complicate efforts to gather enough support to change the terms of its bonds. At the same time, they could protect the country from some of the issues that left Argentina with lengthy…

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