Lebanon to resume IMF talks, begin reforms, draft policy statement says

New Prime Minister Najib Mikati’s government will also resume negotiations with creditors over a restructuring of public debt on which Lebanon defaulted last year. (Reuters)
Short Url
Updated 15 September 2021
Follow

Lebanon to resume IMF talks, begin reforms, draft policy statement says

  • New government will also resume negotiations with creditors over a restructuring of public debt
  • The draft said the government was committed to resuming talks with the IMF for a short- and medium-term support plan

BEIRUT: The Lebanese government will resume negotiations with the International Monetary Fund while beginning reforms demanded by donors, according to a draft policy program that aims to tackle one of the worst financial meltdowns in history.
New Prime Minister Najib Mikati’s government will also resume negotiations with creditors over a restructuring of public debt on which Lebanon defaulted last year, the draft seen by Reuters on Wednesday said.
The government was agreed on Friday after more than a year of political conflict over seats in cabinet that left the country rudderless as more than three-quarters of the population fell into poverty and shortages crippled normal life.
The cabinet is due to meet on Thursday to approve the draft, which will then go to a vote of confidence in parliament.
Underscoring the gravity of the situation, the policy program was drawn up in a matter of days, much faster than the weeks the process has taken in the past.
The draft said the government was committed to resuming talks with the IMF for a short- and medium-term support plan.
Donors want to see Lebanon enact reforms, including measures to tackle the corruption and graft that led to the economic collapse, before they will unlock billions of dollars of assistance already earmarked for the country.
Talks with the IMF broke down last summer when Lebanon’s political elite and banking sector objected to the scale of financial losses set out in a recovery plan drawn up by the previous government.
The draft program said the Mikati government would renew and develop the previous financial recovery plan, which set out a shortfall in the financial system of some $90 billion — a figure endorsed by the IMF.
The government will also draw up a plan to “correct the situation of (the) banking sector,” which has been paralyzed since late 2019, the draft said.
Lebanon’s financial system unraveled in late 2019.
The root cause was decades of profligate spending by the state and the unsustainable way in which it was financed.
As dollars dried up, depositors were frozen out of their accounts. The value of hard currency savings has plummeted by up to 80 percent since then, with the Lebanese pound collapsing by 90 percent from a peg that had existed for more than two decades.
The program draft said the government was committed to all the articles set out in a reform initiative drawn up by France, which has been at the forefront of efforts to help Lebanon.
The government will work with parliament to pass a capital control law, the draft document said.
It also said parliamentary elections due next spring would be held on time.


Italy’s pragmatic prime minister leads charge for EU far right

Updated 5 min 54 sec ago
Follow

Italy’s pragmatic prime minister leads charge for EU far right

  • Her strong support for Ukraine has won her friends in Washington and Brussels, particularly after she helped persuade Hungary’s Viktor Orban to drop his veto of EU aid to Kyiv
  • Meloni has also worked closely with European Commission President Ursula von der Leyen, particularly on migration, a priority for the far-right premier

ROME: Having fostered pragmatic relations with Brussels, Italy’s Giorgia Meloni is for many the “moderate” face of Europe’s radical right — and is leading the charge for June elections.
The ascent to power of Meloni’s post-fascist, euroskeptic Brothers of Italy in 2022 sent shockwaves through the European Union, sparking fears of a lurch to the right within a founding member of both the bloc and NATO.
But her strong support for Ukraine has won Meloni friends in Washington and Brussels, particularly after she helped persuade Hungary’s Viktor Orban — a long-time ally sympathetic to Moscow — to drop his veto of EU aid to Kyiv.
Meloni has also worked closely with European Commission President Ursula von der Leyen, particularly on migration, a priority for the far-right premier.
“At a European level, she’s trying to present herself as a sort of moderate conservative and mediator” with the rest of the radical right, noted Lorenzo Castellani, a political analyst at Rome’s LUISS University.
At home, Meloni has pursued a nationalist populist agenda focused on traditional family values, law and order, and migration, including a clampdown on rescue ships operating in the central Mediterranean.
It has raised hackles among the Italian left — particularly moves to exert influence over the RAI public state broadcaster — but nothing yet to spark alarm in Brussels, as with judicial reforms in Hungary and Poland.
Fiscal policy meanwhile has been relatively prudent, reflecting the constraints of being part of the EU’s single currency.
“She wants to be in many aspects the acceptable extreme for the rest of the European political establishment,” Castellani told AFP.
“She’s like the last island before the border.”

With her Atlanticism and pragmatic relations with Brussels, Italy's Prime Minister Giorgia Meloni is for many the "moderate" face of Europe's radical right — and is leading the charge for the upcoming European elections. (AFP)

More credible

Meloni heads the European Conservatives and Reformists (ECR) group in the European Parliament, which includes Spain’s Vox, Poland’s populist Law and Justice (PiS), and France’s Reconquete!.
Marked by a pro-Ukraine, pro-NATO stance, it is viewed as more credible by the Brussels establishment than the other far-right grouping, the euroskeptic Identity and Democracy group (ID).
ID includes Marine Le Pen’s National Rally (RN) in France, Germany’s anti-immigrant AfD and Meloni’s own coalition ally, Matteo Salvini’s far-right League.
Rosa Balfour, director of the Carnegie Europe think tank, says both Rome and Brussels have benefited from a pragmatic working relationship.
“What the Commission has been doing is embrace Meloni and isolate Orban,” who is not part of either grouping, she told AFP.
“And that’s worked very well for Italy because Meloni has managed to extract concessions.”
This has mainly entailed EU support for the premier’s efforts to stop the tens of thousands of migrants who land on Italy’s shores each year on boats from North Africa.
Von der Leyen joined Meloni on the island of Lampedusa last year after a surge in arrivals, and the two women joined EU delegations to Egypt and Tunisia in recent months to agree new deals on energy and migration.

Building bridges

Analysts say the shift to a tougher EU approach on migration was well underway before Meloni arrived — but that has not stopped her claiming credit.
“We want Italy to be central to changing what doesn’t work in Europe,” she said during her election campaign launch last month.
She is standing in the vote — despite an EU rule barring government ministers from taking up their seats — and urged the European right to follow her example.
“We want to do in Europe exactly what we did in Italy on September 25, 2022,” she said.
But Castellani calls this a “bluff.”

With her Atlanticism and pragmatic relations with Brussels, Italy's Prime Minister Giorgia Meloni is for many the "moderate" face of Europe's radical right — and is leading the charge for the upcoming European elections. (AFP)


“The real game she’s playing is trying to enter within the European game of alliances,” he said, notably building bridges between the ECR and Von der Leyen’s conservative European People’s Party (EPP).
The divisions in the European right are echoed within Meloni’s coalition, notably between her and Salvini — they share similar domestic priorities but differ on foreign affairs.
Salvini’s League has a history of warm ties with Moscow, while he never misses an opportunity to criticize Brussels.
But he has been eclipsed. The League came top in 2019 European elections in Italy with 34 percent, but is now polling closer to eight percent, compared to more than 27 percent for Meloni’s Brothers of Italy.

Fresh face, skilled communicator
Surveys show voters are supportive of Meloni’s foreign policy — and less so of her migration efforts — but Lorenzo Pregliasco, founder of polling company YouTrend, says personality plays a big role.
Meloni is also seen as “more credible” than other Italian leaders, a skilled communicator and a “genuine figure, someone who says what she thinks,” he told AFP.
He notes her 2022 victory was driven by her image as a fresh face, the only party leader who did not join Mario Draghi’s technocratic government.
With the opposition still divided, as they were back then, he predicts she could stay in power for the full five-year term.
But by then the political landscape may be very different, not least if Donald Trump wins the November US presidential election.
Balfour suggests Meloni may have to reposition herself.
If Trump wins, “then you’ve got all the political leaders elbowing each other to lead the right. And Orban has already positioned himself there.”
 


Pakistani journalists condemn Israel’s decision to ban Al Jazeera, demand channel’s ‘earliest restoration’

Updated 6 min 35 sec ago
Follow

Pakistani journalists condemn Israel’s decision to ban Al Jazeera, demand channel’s ‘earliest restoration’

  • Israeli PM Benjamin Netanyahu announced on Sunday country was banning “incitement channel” Al Jazeera
  • Pakistan Federal Union of Journalists urges press bodies around the world to raise their voices for news channel

ISLAMABAD: Pakistan’s most prominent association of journalists strongly condemned Israel’s move to ban international news organization Al Jazeera on Sunday, describing it as a “brutal curb on press freedom,” urging journalist bodies around the world to raise their voices for the Qatar-based network. 

The statement comes after Israeli Prime Minister Benjamin Netanyahu’s cabinet voted unanimously to close Al Jazeera’s operations in Israel. The decision came weeks after Israel’s parliament passed a law allowing the temporary closure of foreign broadcasters considered to be a threat to its national security as the months-long war in Gaza drags on.

Later on Sunday, Israeli police raided Al Jazeera’s premises in East Jerusalem while satellite and cable providers took the broadcaster off air. 

“Workers strongly condemn the Israeli decision of banning telecast of Al Jazeera TV and demand its earliest restoration,” the Pakistan Federal Union of Journalists (PFUJ) said in a press release. “The PFUJ-Workers terms the decision a brutal curb on press freedom and demand that Israeli govt should give right to every media organization to work freely.”

PFUJ credited Al Jazeera for reporting “independently” on Israel’s war in Gaza, calling on journalist bodies around the world to raise their voices for freedom of media and support the Doha-based news channel. 

 “If we do not discharge our duty of raising voice for Al Jazeera the other will use the practice to silent voices in their regions,” the statement concluded. 

Al Jazeera criticized Israel’s decision to ban its broadcast in a report, saying that it is one of the few international media outlets to remain in Gaza throughout the war, broadcasting “bloody scenes of air attacks and overcrowded hospitals, and accusing Israel of massacres.”

“The Network vehemently rejects the allegations presented by Israeli authorities suggesting professional media standards have been violated,” Al Jazeera said in a statement. “It reaffirms its unwavering commitment to the values embodied by its Code of Ethics.”

Israel’s move can heighten the Jewish state’s tensions with Qatar, which funds Al Jazeera, especially at a time when the Gulf country is playing a key role in mediating efforts to stop the war in Gaza. 

Tim Dawson, the deputy general secretary of the International Federation of Journalists, told Al Jazeera Israel’s decision was a “retrograde and ridiculous decision.”

“Closing down media, closing down television stations is a sort of thing that despots do,” he said. 
 


Israel attacks Rafah after Hamas claims responsibility for deadly rocket attack

Updated 49 min 36 sec ago
Follow

Israel attacks Rafah after Hamas claims responsibility for deadly rocket attack

  • Hamas claims attack on Kerem Shalom crossing into Gaza that Israel says killed three soldiers
  • Sunday's attack on the crossing came as hopes dimmed for ceasefire talks underway in Cairo

CAIRO: Three Israeli soldiers were killed in a rocket attack claimed by Hamas armed wing, near the southern Gaza Strip city of Rafah, where Palestinian health officials said at least 19 people were killed by Israeli fire on Sunday.
Hamas's armed wing claimed responsibility on Sunday for an attack on the Kerem Shalom crossing into Gaza that Israel said killed three of its soldiers.
Israel's military said 10 projectiles were launched from Rafah in southern Gaza towards the area of the crossing, which it said was now closed to aid trucks going into the coastal enclave. Other crossings remained open.
Hamas' armed wing said it fired rockets at an Israeli army base by the crossing, but did not confirm where it fired them from. Hamas media quoted a source close to the group as saying the commercial crossing was not the target.
More than a million Palestinians are sheltering in Rafah, near the border with Egypt.
Shortly after the Hamas attack, an Israeli airstrike hit a house in Rafah killing three people and wounding several others, Palestinian medics said.
The Israeli military confirmed the counter-strike, saying it struck the launcher from which the Hamas projectiles were fired, as well as a nearby "military structure".
"The launches carried out by Hamas adjacent to the Rafah Crossing ... are a clear example of the terrorist organisation's systematic exploitation of humanitarian facilities and spaces, and their continued use of the Gazan civilian population as human shields," it said.
Hamas denies it uses civilians as human shields.
Just before midnight, an Israeli air strike killed nine Palestinians, including a baby, in another house in Rafah, Gaza health officials said. They said the new strike increased the death toll on Sunday to at least 19 people.
Israel has vowed to enter the southern Gaza city and flush out Hamas forces there, but has faced mounting pressure to hold fire as the operation could derail fragile humanitarian efforts in Gaza and endanger many more lives.
Sunday's attack on the crossing came as hopes dimmed for ceasefire talks under way in Cairo.
The war began after Hamas stunned Israel with a cross-border raid on Oct. 7 in which 1,200 people were killed and 252 hostages taken, according to Israeli tallies.
More than 34,600 Palestinians have been killed, 29 of them in the past 24 hours, and more than 77,000 have been wounded in Israel's assault, according to Gaza's health ministry.


Two-day Pakistan-Saudi Arabia investment conference begins in Islamabad today

Updated 45 min 55 sec ago
Follow

Two-day Pakistan-Saudi Arabia investment conference begins in Islamabad today

  • The development comes amid the visit of a high-level Saudi business delegation to Pakistan
  • The conference is expected to foster growth and prosperity for the people of both countries

ISLAMABAD: A two-day Pakistan-Saudi Arabia investment conference is set to begin in Islamabad today, Monday, to promote trade and investment between the two countries, Pakistani state media reported.

It comes a day after a 50-member Saudi delegation, led by Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan to explore investment opportunities.

The investment conference is expected to foster a new era of growth and prosperity for the people of both countries, the state-run APP news agency reported.

"During the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia was recorded at $2,482.37 million, with Pakistan’s exports of $262.58 million and Saudi exports of $2.219 billion," the APP report read, citing a Pakistani commerce ministry official.

"Pakistan would welcome and fully facilitate investments and partnerships from Saudi Arabia in IT, minerals, textiles, food security, engineering and energy sectors."

At present, Saudi Arabia's exports include oil, plastics and organic chemicals, while Pakistan exports rice, bovine animal meat, fruit and vegetables, tents and camping goods.

The official noted Pakistan and the Gulf Cooperation Council (GCC) had agreed on a Free-Trade Agreement last year and Islamabad was also planning to organize a Single Country Exhibition and Lifestyle Show in the Kingdom.

Pakistan and Saudi Arabia enjoy strong ties rooted in shared culture, religion and economic cooperation, and have witnessed a flurry of official visits in recent weeks.

The two countries have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.


Chad votes in first Sahel presidential poll since wave of coups

Updated 06 May 2024
Follow

Chad votes in first Sahel presidential poll since wave of coups

  • Monday's vote pits military ruler Mahamat Idriss against his prime minister Succes Masra, previously a political opponent who fled into exile in 2022 but was allowed back a year later

N’DJAMENA: Chadians go to the polls on Monday three years after their military leader seized power, in the first presidential election in Africa’s Sahel region since a wave of coups.

Analysts say Mahamat Idriss Deby, who seized power the day rebels killed his long-ruling father Idriss Deby in April 2021, is most likely to win, although his chief opponent has been drawing larger-than-expected crowds on the campaign trail.
Deby has promised to bolster security, strengthen the rule of law and increase electricity production.
The vote coincides with a temporary withdrawal of US troops from Chad, an important Western ally in a region of West and Central Africa courted by Russia and wracked by jihadism.
Polls open at 7 a.m. and close at 5 p.m., with some 8.5 million people registered to vote.
Soldiers began early voting on Sunday.
Provisional results are expected by May 21 and final results by June 5. If no candidate wins more than 50 percent of the votes, a run-off will be held on June 22.
Since replacing his father at the helm of the oil-producing Central African country, Deby has remained close with former colonial power and longtime ally France.
While other junta-ruled Sahel countries including Mali, Burkina Faso and Niger have told Paris and other Western powers to withdraw and turned to Moscow for support, Chad remains the last Sahel state with a substantial French military presence.
The US, however, announced a temporary withdrawal of at least some troops last month, saying it would continue with a review of security operations after the election.

Opposition concerns
Monday’s vote pits Deby against his prime minister Succes Masra, previously a political opponent who fled into exile in 2022 but was allowed back a year later. Also running are former prime minister Albert Pahimi Padacke and seven other candidates.
Yaya Dillo, an opposition politician who had been expected to run against Deby despite coming from the same clan, was shot and killed in the capital N’Djamena on Feb. 28, the day the election date was announced.
Padacke has accused Masra of collaborating with Deby. But Masra has attracted large crowds to his own rallies.
Some opposition members and civil society groups have called for a boycott, citing concerns about possible vote-rigging.
That has raised fears of potential violence.
“This presidential election is of capital importance for the country because an entire people aspires for change,” said Baniara Yoyana, a former minister and magistrate.
“The process must be conducted with transparency to avoid any risk of confrontation.”
One Deby supporter, however, said he expected no problems.
“We want the election to go well and peacefully,” said Abdelkhader Sougui, a 28-year-old student.
“My wish is to go out and vote the morning of May 6 to confirm our victory... in the first round.”