By Najia Houssari - arabnews.com -- BEIRUT: The Lebanese parliament’s session was adjourned on Wednesday after protesting depositors threw stones at deputies and insulted them for continuing to discuss the capital control bill. The government amended the draft bill and sent it to parliament for a second time, but no agreement was reached and the session was cut short. Formal capital controls are an International Monetary Fund policy recommendation, and Lebanon hopes to secure an IMF aid package after its financial system imploded in 2019, paralyzing the banking system and freezing depositors out of their US dollar accounts. Some politicians from the Lebanese Forces Party and the Free Patriotic Movement refused to discuss the draft law before reviewing the “economic recovery plan,” which they say “is trying to swallow up the rights of depositors.”

George Adwan, the head of the Parliamentary Administration and Justice Committee, said: “The plan will write off $60 billion of debt, and the depositors will bear the losses.” He called for “a plan that defines responsibilities first, and then searches for capital control,” adding that any research “outside the path of determining responsibilities and distributing losses means taking the country into the unknown.” Ibrahim Kanaan, head of the Parliamentary Budget Finance Committee, said: “How can we freeze the deposits while we do not know what is left of them? People have rights that must be preserved. The depositor should not be held responsible for the state’s wear and tear, but rather the Bank of Lebanon, private banks and the state.” Meanwhile, Elie Ferzli, the deputy parliament speaker, defied depositors who were protesting in the street by ramming them with his car as he drove into the parliament courtyard. They responded by throwing stones and shouting at him. Footage of the incident went viral on social media. As he was leaving the meeting hall, Ferzli mocked the protesters, telling a journalist he was “ready to do it again.”

by Soraya Ebrahimi — thenationalnews.com — Lea Salame is a Lebanese-born French journalist who was born on October 27, 1979. She escaped war …

By Clement Gibon -- almonitor.com -- BEIRUT — Faced with fuel shortages caused by the war in Ukraine, dozens of Lebanese drivers stuck in front of gas stations on Mar Mikhael Street wait impatiently to fill up their vehicles — a situation echoing last summer's “queues of humiliation.” As a consequence of the fuel shortage, many Lebanese have turned to bicycling — a less expensive and more environmentally friendly way of getting around. Ramzi Alieh, a young Lebanese architect, uses his bicycle to traverse Beirut. “I started cycling right away in Beirut … when the fuel crisis hit Lebanon. Thanks to this mode of transportation, I was much less affected by the shortage,” Alieh told Al-Monitor. “Now, with the war in Ukraine, mobility is becoming an issue again. Since I am already used to riding my bike, I don't have to worry about queues, rising fuel prices or expensive repairs,” he said.

In the space of a few months, the price of oil has increased drastically in Lebanon. While the price of diesel was 30,000 Lebanese pounds last June, it increased by 1,667% to 500,000 Lebanese pounds in April, which is almost the entire monthly salary of a Lebanese worker. For many, this increase in fuel costs added another burden to an already difficult daily life, said economist Patrick Mardini, head of the Lebanese Institute for Market Studies. “The war in Ukraine has led to an increase in the price of fuel worldwide. As a result, the price of transportation and fuel will become even more expensive in Lebanon,” Mardini told Al-Monit

By Sam Heller -- foreignpolicy.com -- For the last two and a half years, Lebanon’s economy has been in free fall. The country’s currency, the lira, has lost more than 90 percent of its value against the U.S. dollar; GDP has shrunk by nearly 60 percent; and close to 80 percent of Lebanese have slipped below the poverty line, along with practically all of the 1.5 million Syrian refugees living in Lebanon. Hundreds of thousands of people have fled the country.

The crisis, which is among the worst to hit any country in modern history, was precipitated by the collapse of what UN Secretary General António Guterres described as “something similar to a Ponzi scheme”: for years, the country’s central bank used ordinary bank depositors’ money to finance the corrupt and wasteful spending of successive Lebanese governments. Participants in the scheme reaped huge returns—until 2019, when it all came tumbling down. The pyramid scheme may not have been technically illegal, but it nonetheless amounted to corruption on a grand scale: Lebanese elites made a killing, spirited their ill-gotten gains abroad, and left millions of their impoverished countrymen holding the bag.

But the crisis wasn’t just caused by greed and corruption; it has been prolonged by the unwillingness of those who are responsible to change their ways or to assume their fair share of the country’s massive financial losses. International donors are willing to discuss a bailout that could right the economy, but Lebanese leaders have resisted even the most basic reforms that lenders have demanded as a precondition for a rescue package. The country’s political and financial elites have benefited handsomely from the current system, and they stand to lose from any ordered resolution of Lebanon’s national bankruptcy. According to the World Bank, Lebanon is now mired in a “deliberate depression,” one that has been “orchestrated by the country’s elite that has long captured the state and lived off its economic rents.”