Lebanon’s Hariri: ‘Last chance’ for Lebanon to escape economic collapse

Lebanese Prime Minister Saad Hariri says he is optimistic for his country's future. (File/AFP)
Updated 10 February 2019

Lebanon’s Hariri: ‘Last chance’ for Lebanon to escape economic collapse

  • Hariri admits corruption in Lebanon needs to be tackled
  • Tells World Government Summit that Lebanon is in a "make or break" situation

DUBAI: Lebanon faces its last chance to leave the economic crisis it is currently in, the country’s Prime Minister Saad Al-Hariri said on Sunday.

“We have collective support from all political factions to create reforms and new laws. We have no issues in passing new reforms in government," Hariri said, speaking to a packed conference hall at the World Government summit in Dubai

Hariri said he was optimistic for the country’s future,  but warned: “either we make it or break it.”

Hariri touched on the development reforms and programs that have been set by the CEDRE economic conference in Paris last year that aimed at encouraging foreign investors to trust placing their money in the Mediterranean country, saying that “our new reforms and laws will ensure that we overcome our economic crisis.”

Last year, the global ratings agency Moody’s gave Lebanon’s economy a “low (+)” grade, due to “the deterioration in the regional economic and political environment.” This, and the fear of a real estate collapse, have taken the country to the brink. 

On Thursday, a draft government policy statement set the main policy objectives of Hariri’s national unity government, which committed to bringing down the debt-to-GDP ratio by boosting the size of the economy and reducing the budget deficit.

He also spoke of the need to eliminate corruption, an ever-present thorn that has drained the country over the years. According to the World Economic Forum’s Global Competitiveness Index, Lebanon sits at 120 out of 140 countries in terms of corruption.

"Most importantly for me is to develop a clear program to confront corruption and to make the necessary reforms to support Lebanon economically,” he said.

Lebanon last week formed a government after nine months of political wrangling among politicians over ministerial votes. 

Hariri was also hailed by moderator Emad El-Din Adeeb for his role in pushing women to the forefront, after recently appointing Raya El-Hassan as the country’s Minister of Interior - the first woman to hold such a post in the Arab world.

“Women in Lebanon represent 54 percent of society and not employing them and involving them in the work will be a loss to the GDP,” he said, adding that “I believe women in the Arab world and Lebanon can do a better job than men even.”

Among the audience was Dubai Ruler and UAE’s Vice President and Prime Minister Sheikh Mohammed bin Rashid al Maktoum, who recently revealed in his latest book that he had wanted to make Dubai like Beirut since he visited the city as a child.

When the moderator asked the audience for a show of hands for who wants to visit Lebanon, Sheikh Mohammed raised his.

The Lebanese PM referred to the sectarian strife targeting the region, as a “disease.”

“I am optimistic that the Lebanese youth can rebuild Lebanon the way Rafic Hariri wanted it to be,” he added, referring to his father – the country’s former prime minister who was assassinated 14 years ago. 


Erdogan hit by more arms bans as pressure grows over Syria invasion

Updated 16 October 2019

Erdogan hit by more arms bans as pressure grows over Syria invasion

  • United States threatens more sanctions
  • Britain, Spain and Sweden joined Germany and France in suspending military exports

ANKARA: Three more countries halted arms sales to Turkey on Tuesday as pressure mounted on President Recep Tayyip Erdogan over the Turkish invasion of northeast Syria.

Britain, Spain and Sweden joined Germany and France in suspending military exports, and the US threatened Ankara with more sanctions unless Erdogan halts the offensive.

“We will keep our defense exports to Turkey under very careful and continual review,” British Foreign Secretary Dominic Raab said. “No further export licenses to Turkey for items which might be used in military operations in Syria will be granted while we conduct that review.”

Spain, a major arms exporter to Turkey, urged Erdogan to “put an end to this military operation” because it endangered regional stability, increased the number of refugees and threatened Syria’s territorial integrity.

“In coordination with its EU partners, Spain will deny new export licenses for military equipment that can be used in the operation in Syria,” the Foreign Ministry said.

Sweden also halted exports of military combat equipment. “Two permits that have been active have now been recalled,” it said.

BACKGROUND

Vice President Mike Pence will hold talks with Erdogan in Ankara on Wednesday, and the UN Security Council will discuss the invasion.

Erdogan’s assault against Kurdish forces, launched last week, has prompted a chorus of international condemnation. “Many NATO allies are very critical and are condemning the military operation in northern Syria,” said Jens Stoltenberg, secretary general of NATO, the Western military alliance of which Turkey is a member.

Russia’s presidential envoy for Syria, Alexander Lavrentiev, said Turkey had no right to deploy its forces in Syria permanently, and Moscow had not approved the operation.

US President Donald Trump imposed new sanctions on Turkey on Monday, and on Tuesday the US said more sanctions would follow unless the invasion was halted.

“The plan is to continue the pressure on Turkey as we evaluate our chances to return the relationship to normal, a major element of that return to normal would be a cease-fire,” a senior administration official said. “And by cease-fire what I mean is forces on the ground stop moving on the ground.”

Vice President Mike Pence will hold talks with Erdogan in Ankara on Wednesday, and the UN Security Council will discuss the invasion.