By Mona Alami — arabnews.com — RIYADH: The recent Lebanese court order restricting lenders from moving money abroad is the fallout of deep rot long building in the banking sector. This comes on the back of the country’s mounting debt amidst the deteriorating economic condition – the crisis that many blame on Lebanon’s corrupt political class and the government which defaulted on repaying the debts to banks. On March 24, Lebanese judge Ghada Aoun ordered the Lebanese customs administration to prevent six Lebanese banks from sending money abroad. The banks targeted were Bank of Beirut, Bank Audi, Creditbank, Bankmed, SGBL and Blom Bank. “Lebanese banks are technically broke, but until this moment, they aren’t legally so,” said economist Roy Badaro in an interview with Arab News. He explained that the word ‘illiquid’ might be more appropriate as no one really knows about banks’ possible undeclared assets. In addition, no Lebanese bank has so far officially declared bankruptcy. Badaro said banks are in denial of their situation. “Their main issue is that they were lured by the unhealthy profits offered by the government to finance its debt. Meanwhile, they abstained from financing the economy,” he pointed out.

Liquidity crisis

As the Lebanese government is embroiled in massive corruption charges, the state has amassed over a $90 billion debt that it is no more capable of paying, which in turn affected the liquidity of banks. The banking sector responded to the asset freeze with a two-day strike on March 21 and 22. This might be repeated if more pressure is placed on the banking sector, warned a banking source on condition of anonymity Judge Aoun is a close ally of President Michel Aoun, who is demanding a forensic audit of the Lebanese central bank, in the wake of Lebanon’s default on over a $90 billion debt as a fallout of state mismanagement and corruption. Ironically, Aoun’s party has been in power for the past decade and exclusively handled the electricity portfolio. Experts believe the latter accounts for over 40 percent of the debt. Industry observers tracking the development fear the banking sector’s insolvency crisis that has been triggered by the state’s failure to meet its debt payments is expected to worsen with time. The sector will further unravel, with banks having to shut down possibly.

By Deborah Castellano Lubov  — vaticannews.com — The Maronite Bishops of Lebanon have “expressed their joy at the news of Pope Francis’ visit to Lebanon,” reported Fides on Wednesday. Following an encounter in the Lebanese city of Bkerke, home of the Patriarchal See of the Maronite Catholic Church, the bishops issued a statement, “asking God to bless the Pope, and to carry out all Pope Francis’ desires for the good of Lebanon and of all Lebanese people.” Following the Pope’s recent meeting with the President of Lebanon, Michel Aoun, in the Vatican on 22 March, the Lebanese President tweeted regarding a possibile trip of the Holy Father to his nation in June.

Widely-anticipated papal visit

Subsequently, the Director of the Holy See Press Office, Matteo Bruni, issued a brief statement to journalists, noting the papal visit “is a possibility that is being studied.” As the country has suffered years of political, economic and social crises, the Pope has expressed numerous times in recent years his intention to visit. In the Middle East, Lebanon is the country with the greatest percentage of Christians, constituting more than a third of the population. The nation also has the greatest number of Catholics in the region, belonging primarily to the Maronite Catholic rite, along with other Eastern Catholic rites.

by aljazeera.com — Saudi Arabia announced on Thursday that it was sending an ambassador to Lebanon for the first time since a row broke out with Beirut last year over the Riyadh-led military intervention in Yemen. The foreign ministry “announces the return of the ambassador … to the sisterly Republic of Lebanon”, read a statement carried by state media. The ambassador is returning in response to calls by “moderate” Lebanese political forces, the foreign ministry said, and after remarks by Prime Minister Najib Mikati regarding “ending all political, military and security activities” that affect Saudi Arabia and other Gulf states.

A diplomatic crisis erupted last October after then-Information Minister George Kordahi was quoted criticising Saudi Arabia’s role in Yemen, where a grinding war has produced what the United Nations describes as the world’s worst humanitarian crisis. Kordahi, who has since resigned, said in a television interview that the Houthi rebels fighting Yemen’s internationally-recognised government were “defending themselves … against an external aggression”. He said “homes, villages, funerals and weddings were being bombed” by the Saudi-led coalition, and called the war in Yemen “futile”. The Houthis are backed by Saudi’s regional rival Iran, which has significant influence in Lebanon, where it backs the powerful Shia movement Hezbollah. In response to Kordahi’s remarks, Riyadh recalled its ambassador and ordered Lebanon’s envoy to leave the kingdom. Riyadh’s Gulf allies the United Arab Emirates, Bahrain and Kuwait followed suit, expelling Lebanese envoys.

Kuwait also announced Thursday the return of its ambassador to Beirut following the Saudi decision. The diplomatic row, which has also seen Saudi Arabia ban the imports of Lebanese goods, was a blow to a country already in the grip of crippling political and economic crises.

سجعان قزي

@AzziSejean

إلى إيران كلُّ الاحترامِ وأقصى التوقِ إلى أفضلِ العَلاقات معها. لكنَّ إيران حَجَبت الكثيرَ الذي يَجمعُنا بها وأبْرزَت القليلَ الذي يُفرِّقُنا. توَغُّلُ القوميّةِ الفارسيّةِ في الحالةِ اللبنانيّةِ عَكّرَ الفكرةَ اللبنانيّةَ التاريخيّةَ وكَدّرَ انتماءَ لبنان إلى المحيطِ العربيّ. وما خَلا بيئةَ حزبِ الله اللصيقةَ، لا يَشعرُ اللبنانيّون بهذه القوميّةِ في وِجدانهم ولا يَعتبرون أنّها كانت يومًا جُزءًا من لبنانيّتِهم رغمَ جَلالِ بلادِ فارس عبرَ التاريخ. هذا الشعورُ شَملَ “الشيعيّةَ اللبنانيّةَ” التي كانت تُشكِّلُ أكثريّةَ المجتمعِ الشيعيِّ لغايةِ سيطرةِ حزبِ الله عليه، إذ نَقل علاقةَ الشيعةِ بإيرانِ من التواصلِ الدينيِّ الحرّ إلى التبعيّةِ القوميّةِ. إلا أنَّ لبنانَ انْتقلَ منذ عقودٍ من صراعِ العقائدِ القوميّةِ إلى صراعِ العصبيّاتِ المذهبيّة. وإذ أساءَ الصراعُ الأوّلُ إلى الولاءِ للبنان، فإنّه، بالمقابل، أغنى الحياةَ الفكريّةَ والثقافيّة. أما الصراعُ الثاني فأفْسدَ لبنانَ وأدْرجَه على لائحةِ التَصَحُّرِ الفكريِّ والثقافيِّ والانهيارِ الاقتصاديّ.

صِرنا، نحن اللبنانيّين، نَنتمي إلى قوميّاتِ الحنين. قوميّاتُنا المبتكَرةُ التي شاغَبَت على دولةِ القانون في لبنان، أمْسَت في مُتحَفِ الوِجدان. ومع ذلك لا نزالُ نُناغيها كأنّها حديثةُ الولادةِ وبدونِ أن نَتأكّدَ ما إذا كانت من لحمِنا ودمِنا أو اعتَنقناها بالتبنّي أو فُرِضَت علينا بالتسوياتِ أو صادَرتْنا بالشَهيّةِ والشُبهةِ. نُناظِرُ من أجل فينيقيا، والفينيقيّون غافِلون عنا. نقاتلُ من أجل العروبة، والعربُ ساهون عنّا. ونَهدِمُ وطنَنا من أجلِ بلادِ فارس والفُرسُ يَستخْدِمونَنا. و”اللبنانيّةُ” التي جَمعَتنا ووَحّدَتنا، وسَـمَت بنا إلى العُلى، وحَجَزت لنا مَقعدًا بين الأمم، نَتنكّرُ لها. نَتعلّقُ بالغائبين ونُهمِلُ لبنانَ الموجودَ أمامَ أعينِنا. نُحوِّل عمدًا البديهيّاتِ اللبنانيّةَ إشكاليّاتٍ. وعِوضَ أن نُضيفَ كلَّ سنةٍ حَجرًا على بُنيانِ لبنانَ لنُدعِّمَ أركانَه، نروح نَقتلِعُ كلَّ يومٍ حَجرًا منه حتى يَتهدَّم.

by kawa-news.com — Lebanese director Ely Dagher produces his first feature film, The Sea Ahead, nominated for the 2021 Cannes Film Festival. Palme d’Or winner at the Cannes Film Festival in 2015 with his first short film Waves 98, the director embarks on a naturalistic and abstract portrait of his home country. And it is to be discovered in preview in Paris on April 12! After long research on the history of Lebanon, this film gives an account of the country, its inhabitants and the “textures” of Beirut. Facing the Sea is a true cinematographic work. The film follows the explosion of the port of Beirut on August 4, 2020 and leads its viewers to reflect on their relationship with the past and the transformation of their habits.

A film about memory and reconnecting with the past: The fiction deals with the theme of memory, around the story of Jana. After studying in Paris for four years, the young woman is suddenly forced to return to Beirut, her native country. She suddenly reconnects with a familiar life that plunges her into a form of dramatic nostalgia. The film offers an introspective look at Jana’s character, her resentment and a homesickness in which the audience may recognize itself.

by cicilline.house.gov — WASHINGTON, DC – Congressman David N. Cicilline (D-RI), House Foreign Affairs Committee Chairman Gregory W. Meeks (D-NY), Congressman Darrell Issa (R-CA), and Congressman Darin LaHood (R-IL) were joined by 20 of their colleagues today in urging the Biden Administration to work with Lebanese officials to ensure that the upcoming elections on May 15, 2022, are carried out on time, transparently and free of corruption. In their letter to Secretary of State Antony Blinken, the Members write, “With dueling political and economic crises, the May parliamentary elections are the first opportunity the Lebanese people will have to cast their ballots since protests in the country began in 2019 after years of corruption and mismanagement. We concur with Ambassador Dorothy Shea that in holding elections on time, there is “no wiggle room,” and that the failure to do so should result in swift condemnation for those responsible in any delay.”

Joining the Members on the letter are Representatives Debbie Dingell (D-MI), Tom Cole (R-OK), Ted Deutch (D-FL), Brian Fitzpatrick (R-PA), Jimmy Gomez (D-CA), Jahana Hayes (D-CT), Jim Himes (D-CT), Marcy Kaptur (D-OH), Dan Kildee (D-MI), Adam Kinzinger (R-IL), Ted Lieu (D-CA), Stephen F. Lynch (D-MA), Carolyn B. Maloney (D-NY), Jim McGovern (D-MA), Carol Miller (R-WV), Maria Elvira Salazar (R-FL), Jason Smith (R-OH), Dina Titus (D-NV), David Trone (D-MD), Juan Vargas (D-CA).

by Source:Sawt Beirut International — MP Amal Abu Zeid withdrawal from the electoral race, has surged an atmosphere of anger among the circles of the Free Patriotic Movement in Jezzine, leaving an electoral gap. Abu Zeid’s withdrawal provoked the head of the movement, Gebran Bassil, as sources close to Abu Zeid confirmed that the son-in-law of the Covenant, requested the intervention of President Michel Aoun to persuade Abu Zeid to reverse his decision. The same sources confirmed to “Sawt Beirut International” website, that Bassil is very resentful of Aswad’s behavior, saying that he is defying the Tayyar, and acting according to his personal interest, ignoring the Tayyar’s electoral interest.

The sources reveal that Aoun urged Abu Zeid to reverse his decision, and that Bassil insisted on Aoun’s intervention to bridle Aswad, because winning in Jezzine is above all considerations. The sources say that Abu Zeid is fully aware of the inability of Aoun and the Tayyarto abandon him, as he is one of the major financiers of the Free Patriotic Movement and its head Bassil. The election campaign needs a lot of money, and Abu Zeid offered a large sum, but Aswad’s behavior towards him is not appropriate, and in all of Aswad’s private sessions he attacks Abu Zeid.

In the same context, the sources indicated that Abu Zeid asked Bassil to suppress Aswad, and in case reversed the decision to withdraw, there are conditions that the movement must implement, which is to give priority to Abu Zeid, and since the movement needs Abu Zeid’s money, the latter also needs the preferential votes that Aswad tries to grab, and ask the supporters of the movement not to vote for Abu Zeid. Source:Sawt Beirut International

Advisor of US-sanctioned former Lebanese FM to be named UN envoy

Al Arabiya — — Lebanon is expected to appoint Gebran Bassil’s former top advisor to be the country’s next ambassador to the United Nations, sources familiar with the matter said, with outgoing President Michel Aoun looking to fill diplomatic posts with figures loyal to him. Hadi Hachem will replace Amal Mudallali, according to the sources who spoke on condition of anonymity because they were not authorized to discuss the matter. For the latest headlines, follow our Google News channel online or via the app. Hachem was previously the Foreign Ministry chief of cabinet during Bassil’s time as Lebanon’s top diplomat.

by ncronline.org — VATICAN CITY — Two weeks after meeting Pope Francis at the Vatican and inviting him again to visit Lebanon, President Michel Aoun tweeted that the visit could take place as early as June. The “Lebanese Presidency” Twitter account said, in Arabic, “President Aoun was informed by the papal ambassador that Pope Francis […]

by reuters — BEIRUT — The Governor of the Bank of Lebanon, Riad Salameh, denied “what is being circulated about the bankruptcy of the Central Bank, and considered that this is not true.” In a statement, Salameh said that despite the losses that afflicted the financial sector in Lebanon, which are under treatment in the […]

By Najia Houssari — arabnews.com — BEIRUT: Lebanon and its central bank are bankrupt, according to the country’s deputy prime minister. The “state is bankrupt … so is the Banque du Liban,” Saadeh Al-Shami said on Monday, adding that “the loss has occurred, and we will seek to reduce the losses for the people.” He said the losses would be attributed to the state, the central bank, and other lenders and depositors. “We cannot live in a state of denial as we cannot allow withdrawals for all people who have deposits in banks,” he said. Al-Shami’s statement came as a delegation from the International Monetary Fund is in talks with the Lebanese government on a financial recovery plan.

Economic groups in Lebanon have objected to a plan presented to the IMF that clears the state of liability and leaves depositors and banks to foot the bill. It also turns state debt into heavy losses for the Lebanese economy and society. After a meeting with the head of the IMF mission, Ernesto Ramirez-Rigo, the groups said that depositors’ money had been squandered due to the fixing of the exchange rate, interest rate differences, and the state’s expenditure. They objected to “easy solutions, by adopting an accounting approach that eliminates losses without any special considerations.” They also stressed the need to preserve the rights of depositors and the continuity of the banking system.