by reuters — BEIRUT – Leading Lebanese politician Gebran Bassil has been infected with a “mild” case of the coronavirus, his party …

by AFP — At a rare news conference devoted to Lebanon, Macron said the political elite had decided “to betray” their obligations …

by upnewsinfo.com -- Matilda Coleman -- Lebanon’s political instability, failing economy, and the economic impact of the COVID-19 pandemic has pushed the Lebanese pound to lose 80% of its value, since August, according to the Associated Press. Many Lebanese nationals have turned to real estate during this of crisis, in a bid to safeguard their money. According to Bank Audi, in the first five months of 2020, residential real estate sales increased rose more than 50 percent, valuing the overall real estate market at $3.7 billion in May. Moreover, according to Lebanon’s General Directorate of Land Registry, real estate transactions jumped more than 16% in the first quarter of this year. However, August’s port explosion in Beirut led to an estimated 70,000 destroyed houses, 40,000 damaged buildings and 30,000 people being displaced.

Local action: The International Monetary Fund said in April that Lebanon’s economy is expected to shrink 12% in 2020. The government also announced a plan aimed at restoring positive growth in 2022 and promised assistance for the needy, yet many remain skeptical. An IMF emergency bailout for the country is also still pending approval following many rounds of negotiation. In the meantime, local non-profit organisations have been rolling up their sleeves to help rebuild their communities. Some Beirut NGOs have raised around $10 million to help reconstruct the city. Eddy Bitar is the co-founder of Live Love Lebanon, and he estimates that the destruction of residential areas could total $5 billion.

ZEINA KARAM ,Associated Press -- BEIRUT (AP) — Lebanon’s prime minister-designate resigned Saturday amid a political impasse over government formation, dealing a blow to French President Emmanuel Macron’s efforts to break a dangerous stalemate in the crisis-hit country. The announcement by Moustapha Adib nearly a month after he was appointed to the job further delays the prospect of getting the foreign economic assistance needed to rescue the country from collapse. Adib told reporters he was stepping down after it became clear that the kind of Cabinet he wished to form was “bound to fail.” The French leader has been pressing Lebanese politicians to form a Cabinet made up of non-partisan specialists that can work on enacting urgent reforms to extract Lebanon from a devastating economic and financial crisis worsened by the Aug. 4 explosion at Beirut port.

An official in Macron’s office, commenting on Adib’s resignation, described it as “a collective betrayal” by Lebanon's political parties. “It is indispensable to have a government capable of receiving international aid. France will not abandon Lebanon,” said the official, who was not authorized to be publicly named. Macron's office said he will hold a press conference Sunday to talk about the situation in Lebanon. Lebanon is in desperate need of financial assistance but France and other international powers have refused to provide aid before serious reforms are made. The crisis is largely blamed on decades of systematic corruption and mismanagement by Lebanon’s ruling class. But efforts by the French-supported Adib have hit multiple snags, after the country’s main Shiite groups, Hezbollah and Amal, insisted on retaining hold of the key Finance Ministry. Their insistence emerged after the U.S. administration slapped sanctions on two senior politicians close to Hezbollah, including the ex-finance minister.