Hezbollah calls for talks on Lebanon state debt

Lebanese Prime Minister Saad Hariri, reads the government policy statement in the Lebanese parliament. (AP)
Updated 13 February 2019
0

Hezbollah calls for talks on Lebanon state debt

  • Prime Minister Saad Hariri’s government last month categorically ruled out restructuring and pledged to repay debt at existing interest rates

BEIRUT: Hezbollah urged Lebanon’s new government on Tuesday to negotiate with banks to restructure the country’s massive national debt.

The unprecedented call by a Hezbollah member of Parliament suggests that the group, which for the first time controls three ministries, is ready to flex its muscles in the new administration.

Prime Minister Saad Hariri’s government last month categorically ruled out restructuring and pledged to repay debt at existing interest rates. Lebanon has one of the largest debt-to-GDP ratios in the world, at about 150 percent.

“I call on the government to hold dialogue with the banks, serious and constructive dialogue to reduce the cost of the debt,” Hezbollah MP Hassan Fadlallah said.

“Yes we are all in one boat, and the banks are with us in this boat. God forbid if the financial and monetary situation is shaken, what will happen to these banks?”

Fadlallah said his group would wage a “battle” against corruption, and government reforms should “start at the top and not the bottom.”

Hezbollah “is going to engage in the difficult fight against corruption because the people’s money is like the people’s blood,” he said. “Our opponent is the corrupt and we are ready to cooperate with anyone who wants to fight corruption.”

Hariri asked Parliament to support his government’s reform program “because we want a government of deeds, not a government of words.”

He said: “The government wants to address these problems, the most important of which are … financial corruption and tax evasion.

“Bold and specific decisions, legislation and reforms are needed. That may be difficult and painful, but it is necessary to avoid the deterioration of economic, financial and social conditions toward more difficult and painful situations.”

The debate on the government’s policy statement continues on Wednesday, after which it is expected to be approved in a parliamentary vote of confidence.


US Mideast plan will not include land transfer from Egypt’s Sinai: envoy

Updated 20 April 2019
0

US Mideast plan will not include land transfer from Egypt’s Sinai: envoy

JERUSALEM: US President Donald Trump’s Middle East peace plan will not involve giving land from Egypt’s Sinai peninsula to the Palestinians, an American envoy said on Friday.
Jason Greenblatt, Trump’s Middle East envoy, apparently sought to deny reports on social media that the long-awaited plan to end the Israeli-Palestinian conflict would involve extending Gaza into the northern Sinai along Egypt’s Mediterranean coast.
“Hearing reports our plan includes the concept that we will give a portion of Sinai (which is Egypt’s) to Gaza. False!,” Greenblatt, one of the architects of the proposal, tweeted on Friday.
The American plan is expected to be unveiled once Israel’s newly re-elected Prime Minister Benjamin Netanyahu forms a government coalition and after the Muslim holy month of Ramadan, which ends in June.
Trump’s senior adviser Jared Kushner said on Wednesday the plan would require compromise by all parties, a source familiar with his remarks said.
It is unclear whether the plan will propose outright the creation of a Palestinian state, the Palestinians’ core demand.
The Palestinians have long sought to set up a state in the West Bank and Gaza Strip, territory Israel captured in the 1967 Middle East War, with East Jerusalem as its capital.
The last round of US-brokered peace talks between Israel and the Palestinians broke down in 2014.