Judge orders Lebanese health ministry to give COVID-19 vaccine to 80-year-old

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by arabnews.com -- BASSAM ZAAZAA -- BEIRUT: A judge has ordered the Lebanese health ministry to vaccinate an 80-year-old man against coronavirus disease (COVID-19) after members of parliament jumped the queue to receive the jab. Joseph Al-Hajj registered in January for a vaccination along with other elderly Lebanese after they were asked to do so by Lebanon’s health authorities. But after more than a month of waiting, during which a scandal erupted over MPs getting inoculated ahead of the public, Al-Hajj became increasingly frustrated. Urgent matters judge, Carla Chawwah, on Wednesday issued a decision at Beirut civil court ordering the health ministry to provide vaccination to Al-Hajj by Friday. The ruling, seen by Arab News, gave instructions that Al-Hajj should be given a COVID-19 vaccine jab within 48 hours, otherwise a fine of 10 million Lebanese pounds ($6,618) would be levied for every subsequent day it was delayed. Chawwah provided the justice ministry with a copy of her decision.

In his lawsuit, Al-Hajj’s lawyer argued that his client had been waiting to be contacted by the health ministry about his appointment for the vaccination when it emerged that 16 lawmakers and some public officials were inoculated at the Lebanese parliament on Feb. 23. The lawyer said his client’s health condition should be a “top priority.” As well as his age, he suffered from a clogged artery in his left leg and required permanent medication. Al-Hajj’s attorney added that vaccinating the MPs and public officials before his client, flouted the set conditions and mechanisms of inoculation procedures. Chawwah’s ruling said vaccinating the MPs and officials ahead of many vulnerable citizens was a breach of human and health rights.

Lebanon’s president wants investigation into currency crash

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By NAJIA HOUSSARI -- arabnews.com -- BEIRUT: Lebanese President Michel Aoun asked Central Bank Gov. Riad Salameh about the reason for the rise of the dollar exchange rate after exceeding 10,000 Lebanese pounds on Tuesday, which sparked protests across the country. Aoun also called for an investigation into the “speculative operations on the national currency by individuals, institutions or banks.” The dollar exchange rate on the black market decreased 100 pounds, reaching 9,900. The unprecedented rise in the rate set off protests that turned violent as ATMs and banks were damaged on Hamra Street in Beirut. Protesters also took to the streets on Wednesday, for a second consecutive day, and blocked roads for limited periods.

The Association of Banks in Lebanon (ABL) denied that banks had any role in the rise of the dollar exchange rate. In a statement, the ABL said political uncertainty amid the government’s resignation seven months ago was one of the reasons for the high exchange rate on the black market. It also pointed toward unsubsidized imports from the Banque du Liban, scarcity of the dollar in the local market, and the largest national deficit in Lebanon’s history as contributors. The ABL said creating cash in pounds to limit the state's deficit has also had a negative impact on the dollar exchange rate. It noted “an illegal circulation of the dollar via electronic platforms” as a contributor to the problem. Bechara Al-Asmar, leader of the General Labor Union, announced on Wednesday his organization is preparing for a demonstration “amid the accelerated economic conditions, which warn of a great collapse.” Lebanese Maronite patriarchs said the opposition in the streets shows that the country is suffering economically and financially.

Lebanese Anger at Economy Grows as Political Deadlock Persists

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by english.aawsat.com -- Protesters blocked some roadways in Lebanon for a second day on Wednesday after the currency's fall to a new low further enraged a population long horrified by the country's financial meltdown. In the past year, Lebanon has been through a popular uprising against its political leaders, the bankruptcy of the state and banking system, a COVID-19 pandemic and, in August, a huge blast that killed 200 people and destroyed parts of Beirut. The financial crisis has wiped out jobs, raised warnings of growing hunger and locked people out of their bank deposits.

Lebanese President Michel Aoun said in a tweet that he had asked the central bank governor for an inquiry into the reasons behind the country's latest currency tumble and stressed that returning access to deposits was a leading goal. "The main priority remains refunding depositors' money ...illicit and suspect practices are the main reason behind the loss of a large sum of deposits," a statement said. The collapse of the Lebanese pound, which fell to 10,000 to the dollar on Tuesday, slashed about 85% of its value in a country relying heavily on imports. It was the last straw for many who have seen prices of consumer goods such as diapers or cereals nearly triple since the crisis erupted. Demonstrators burnt tires and rubbish containers across many parts of Lebanon to block roads on Tuesday night.

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Crisis-hit Lebanese pound falls to new low of 10,000 to the dollar

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by middleeastmonitor.com -- Lebanon's pound tumbled on Tuesday towards 10,000 to the dollar, a record low for a currency battered by a financial meltdown that has fuelled poverty and unrest, reports Reuters. The collapse, on a scale Lebanon has never seen, has slashed about 85% of the currency's value in a country relying heavily on imports. The cost of scarce dollars hit 10,000 Lebanese pounds on Tuesday, said three currency dealers on the informal market, a main source of cash since banks stopped dispensing dollars. Two other dealers said earlier the greenback had traded at 9,900. That makes Lebanon's minimum wage worth about $68 a month. Dozens of protesters blocked roads with burning tyres in central Beirut, on the road to the airport, and near the city of Baalbek. Others shut down a foreign exchange bureau in the southern city of Sidon, local media said. "We can't bear it anymore… The dollar is going up and they don't care about us. They're still dividing up their gains," Rabih Khaled, who has been unemployed for months, said at one of the protests.

Political leaders have failed to agree on a rescue plan since the crisis, rooted in decades of state graft, erupted in late 2019 as dollar inflows dried up. At the time, protests had gripped the country, fuelled by anger over economic hardship and new tax plans, including a daily 20-cent fee on Whatsapp calls. Prices of many consumer goods such as diapers or cereals have nearly tripled since then. Charities warn of rising hunger. The currency last touched lows close to 10,000 in the summer of 2020, weeks before the huge August port blast that devastated much of Beirut.

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Vatican correspondent hails pope’s ‘historic journey’ to Iraq

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By FRANCESCO BONGARRÀ -- arabnews.com -- ROME: International media are following the pope’s visit to Iraq with enormous interest. Seventy-five journalists will travel aboard the special flight that will take the leader of the Catholic Church from Rome to Baghdad — almost double the number normally allowed on a papal flight. In addition, hundreds of reporters and camera crews will follow his visit on the ground. “This is certainly a historic journey. Francis is the first pope to go to Iraq, and he’ll be the first head of the Christian Church to enter the house of Abraham in Ur, where the history of Christianity began,” Manuela Tulli, Vatican correspondent for ANSA — Italy’s main news agency — told Arab News. She has been covering Pope Francis since he was elected in 2013. Though this will be her first visit to Iraq, it will be her sixth trip as an embedded reporter following him.

This journey “could change the history of interreligious dialogue,” and “may represent a historic turning point for Iraq,” she said. “The pope will go to that country in the middle of the second wave of the COVID-19 pandemic. Then, of course, there’s the problem of security in Iraq.” Pope Francis has expressed an interest in visiting the country and the Christians who live there since he was elected. “The pope wants to go. He wants to send a message of peace to a land tormented by war and divisions,” Tulli said. “He wants to go and say ‘basta’ (‘enough’) of war and violence. He isn’t afraid of the pandemic or any security issue.”

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Lebanon’s banks are not out of the woods yet

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By Osama Habib -- dailystar.com.lb -- BEIRUT: Most Lebanese banks might be able to increase their capital by 20 percent on Feb. 28 and may partially be able to repatriate part of the 3 percent liquidity from abroad, but the challenges that lie ahead may be difficult to absorb in the future. All or most banks have apparently increased their capital by 20 percent, although many of them have not secured the 3 percent liquidity requirement, which could prompt the Central Bank to either put these lenders under its direct control or negotiate with them individually. Bankers interviewed by The Daily Star have warned that 2021 may be one of the biggest tests they will face as the lenders will be obliged to increase their capital adequacy ratio (Basel III requirement) by 8.5 percent before the end of 2021.

The Central Bank Thursday said that the Feb. 28 deadline for all banks to increase their capitals and repatriate 3 percent of the liquidity from correspondent banks will not be extended. “Contrary to what is circulated in many articles and analyses, Banque du Liban stresses that banks must comply with all the deadlines stipulated in its circulars to increase capital and secure external liquidity without any modification,” BDL said in a statement. BDL also stressed that after Feb. 28, 2021, banks must send all their data to the Banking Control Commission, which in turn checks them and sends the relevant reports to the Banque du Liban. “BDL also affirms that, according to the text of Article 70 of the Monetary and Credit Law, the stability of the banking sector is one of its duties and priorities, and therefore its approach will aim to take all measures aimed at addressing the situation of banks, leading to strengthening the stability of the banking situation and ensuring the funds and rights of depositors,” BDL added. Rami Nemer, the chairman of First National Bank, said his bank was able to increase the capital and secure at least 99 percent of the 3 percent liquidity requirement. “We already have over 9 percent of the capital adequacy ratio which is more than Basel III requirement. We did all these things to maintain our operations but I am still worried about the future if things in Lebanon continue to deteriorate like that,’ Nemer said. But many small and medium size banks were compelled to buy dollar banknotes from the black market in large volumes to secure part of the 3 percent requirement.

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