Indian PM, Jordan king discuss Israeli-Palestinian conflict

PM Modi was received by Jordan Prime Minister Hani Al-Mulki on his arrival in Amman on Friday. (Image tweeted by PMO India)
Updated 10 February 2018
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Indian PM, Jordan king discuss Israeli-Palestinian conflict

AMMAN: Jordan’s King Abdullah II has discussed the Israeli-Palestinian conflict and his role as custodian of major Muslim and Christian shrines in contested Jerusalem with Indian Prime Minister Narendra Modi.
A palace statement says the two met on Friday, a day before Modi’s first-ever visit to the West Bank.
After a public embrace of Israel as a strategic partner, the Indian prime minister is visiting the Palestinian territories and the Gulf countries on Friday to bolster long-standing political and economic ties.
Modi tweeted on Friday that he is looking forward to talks with Palestinian President Mahmoud Abbas and “reaffirming our support for the Palestinian people and the development of Palestine.”
His visit comes at a time of tensions over President Donald Trump’s recognition of Jerusalem as Israel’s capital. The step angered Palestinians who seek Israeli-annexed east Jerusalem as a future capital.
India was one of the earliest champions of the Palestinian cause but in recent years turned to Israel for high-tech military equipment and anti-terrorism cooperation.
Under Modi, whose nationalist party sees Israel as a natural ally against extremism, ties have flourished. Modi made the first trip to Israel by an Indian prime minister last year followed by Prime Minister Benjamin Netanyahu’s visit to India last month.
But Indian officials said India continued to support the Palestinian cause and that Modi’s visit is aimed at helping build up the Palestinians’ capacity in the health, information technology and education areas.
“We have de-hyphenated our relations with Palestine and Israel and now we see them both as mutually independent and exclusive and as part of this policy the prime minister is undertaking this visit,” B. Bala Bhaskar, a joint secretary in the Indian Foreign Ministry, said.
The two sides are building an Indian-Palestinian technology park in Ramallah, the Palestinians’ seat of government, which will develop IT expertise and generate employment.
Modi arrived in Jordan later on Friday and travels to Ramallah, in the Israeli-occupied West Bank, on Saturday. During his visit to Israel last year, he did not travel to the Palestinian headquarters as is usually the case with visiting leaders.
“Looking forward to my discussions with President Mahmoud Abbas and reaffirming our support for the Palestinian people and the development of Palestine,” Modi said in a Twitter post.
India was among more than 120 countries to vote in favor of a resolution in December calling for the US to drop its recent recognition of Jerusalem as Israel’s capital.
But the scale of India’s security and commercial ties with Israel dwarfs the engagement with the Palestinians. Israel is among India’s top three arms suppliers, doing business worth millions of dollars each year.
Modi and Netanyahu are now pushing for cooperation in agriculture, energy and cybersecurity in addition to defense.
Modi will also travel to the UAE, from where India gets half of its oil, and to Oman, with which India’s navy has built close security ties.
The Gulf is home to 9 million Indians who remit $35 billion home each year, sustaining millions of families. The UAE committed an investment of $75 billion in India when Modi visited in 2015 and the two sides will be looking to advance that goal, the Foreign Ministry said


Lebanon bank deposits up 4% on year

Updated 15 November 2018
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Lebanon bank deposits up 4% on year

BEIRUT: Bank deposits in Lebanon have risen by 4 percent on the year, Central Bank Governor Riad Salameh said on Thursday, and he maintained his economic growth outlook for 2018 at 2 percent.

In July Salameh had said he expected bank deposits to grow by more than 5 percent in 2018.

In October the World Bank and the International Monetary Fund (IMF) halved their growth outlook to one percent for Lebanon, where public debt is about 150 percent of gross domestic product.

“Lebanese banks have succeeded in maintaining foreign exchange inflows into their sector supported by (the central bank),” Salmeh said in a televised speech at a Beirut economic conference.

With growth low and traditional sources of foreign exchange — tourism, real estate and foreign investment — undermined by years of regional tension, Lebanon increasingly relies on dollars expatriate Lebanese deposit in local banks.

The banks buy government debt, which finances the country’s eye-watering public debt and twin deficits.

The central bank also brings in dollars through complex financial operations with local banks to boost foreign currency reserves needed to defend the Lebanese pound’s peg to the dollar.

However, deposits have been growing at a slower rate since war broke out in neighboring Syria in 2011, and deposit growth rates are closely watched.