Lebanon cabinet passes financial recovery plan: Ministerial sources

Lebanese President Michel Aoun heads a final cabinet meeting before the government enters a caretaker status at the presidential palace in Baabda. (Handout via Reuters)
Lebanese President Michel Aoun heads a final cabinet meeting before the government enters a caretaker status at the presidential palace in Baabda. (Handout via Reuters)
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Updated 20 May 2022

Lebanon cabinet passes financial recovery plan: Ministerial sources

Lebanon cabinet passes financial recovery plan: Ministerial sources
  • Ministers agreed measure in cabinet’s final session hours before losing decision-making powers
  • Lebanon reached preliminary agreement with IMF in April

BEIRUT: Lebanon’s cabinet has passed an economic recovery plan designed to pull the country out of a three-year financial meltdown, two ministerial sources told Reuters on Friday.

Ministers agreed the measure in the cabinet’s final session hours before losing decision-making powers, following the election of a new parliament on May 15 that is set to designate a new prime minister.

The plan includes several measures that are prerequisites for an International Monetary Fund bailout, including a plan to restructure the banking sector and reforming a banking secrecy law.

Lebanon reached a preliminary agreement with the IMF in April that listed a number of prior actions that the fund said must be implemented before it could reach a full deal.

In late April, the Association of the Banks in Lebanon (ABL) rejected a draft government recovery plan that it said would leave banks and depositors shouldering the “major portion” of a government-estimated $72 billion hole in the financial sector.

An ABL spokesman did not immediately respond to a request for comment on Friday’s events.

Lebanon’s banks have been major lenders to the government for decades, helping to finance a wasteful and corrupt state that tipped into financial meltdown in 2019.

The collapse has resulted in depositors being shut out of their savings as the local currency lost more than 90 percent of its value.

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Yemen government slams new ‘one-sided’ UN proposal on Taiz

Yemen government slams new ‘one-sided’ UN proposal on Taiz
Updated 9 sec ago

Yemen government slams new ‘one-sided’ UN proposal on Taiz

Yemen government slams new ‘one-sided’ UN proposal on Taiz
  • The Yemeni government said it was not consulted beforehand on the proposal
  • Grundberg has intensely engaged with both parties to push for the full implementation of the truce’s elements

AL-MUKALLA: Hans Grundberg, the UN special envoy for Yemen, has presented a new proposal on opening roads in the besieged city of Taiz in an attempt to break the deadlock after the Iran-backed Houthis rejected his first proposal, the Yemeni government said.
The Yemeni government said it was not consulted beforehand on the proposal, which it considers “biased” toward the Houthis.
In his first proposal, Grundberg suggested opening a main road and several small secondary roads leading into and out of Taiz in a bid to end the impasse during discussions between the Yemeni government and the Houthis in the Jordanian capital of Amman.
The Yemeni government agreed to the proposal while the Houthis rejected it and insisted on opening old, unpaved and narrow roads.
Abdul Kareem Shaiban, head of the government’s delegation at the talks in Amman, said the envoy’s new proposal has taken into consideration Houthi demands by suggesting opening only small roads that do not alleviate the suffering of tens of thousands of people who live under the Houthi siege.
“He should have sat with us before announcing the proposal that has removed the demand for opening the main road known as Softeel, which connects Taiz with Aden and Sanaa,” he told Arab News by telephone. “We are back where we started.”
Shaiban said the Yemeni government delegation was not invited to Amman to discuss the new proposal, slamming the UN envoy for abandoning his first proposal and approving the Houthi demands.
Responding to the government’s criticism, the office of the UN Yemen envoy told Arab News that Grundberg has intensely engaged with both parties to push for the full implementation of the truce’s elements, including opening roads in Taiz, stating that new proposals or ideas on related issues are discussed with both sides.
“Draft proposals and options to open roads in Taiz and other governorates have been presented and discussed with both parties. The UN underlines the need to demonstrate the political will to reach an agreement soonest to make tangible progress,” the office said.
Under the UN-brokered deal that came into effect on April 2, the Yemeni government allowed the resumption of commercial flights from the Houthi-held airport in Sanaa, facilitated the arrival of fuel ships to the Hodeidah seaport, stopped hostilities on all fronts and allowed travelers with Houthi-issued passports to fly on Yemenia Airways.
While the Houthis have stopped fighting, mainly their deadly offensive on the central city of Marib, they have refused to lift their siege on Taiz, a key element of the truce.
In a letter sent to the UN Yemen envoy on Tuesday, Shaiban suggested opening five roads that link the city with other provinces, including two roads that were included in the envoy’s first proposal.
“We assure that these roads are safe, achieve the humanitarian aspect and are convenient to the people,” he said.
The UN Yemen envoy said that military delegates from the Yemeni government and the Houthis that met in Amman this week pledged again to respect the truce by stopping hostilities and military activities during Eid celebrations. Both sides also agreed to jointly work on upholding the truce, building trust and easing the suffering of the people in Yemen.
“The parties agreed to continue discussions focused on preventing or reducing as much as possible movements of military personnel and equipment and means of exercising effective operational control to ensure that all forces understand and comply with their responsibilities in the truce,” Grundberg said in a statement.


UK-Egypt Association Council inaugurated in London

UK-Egypt Association Council inaugurated in London
The two sides issued a joint statement following the launch. (Shutterstock)
Updated 06 July 2022

UK-Egypt Association Council inaugurated in London

UK-Egypt Association Council inaugurated in London
  • Foreign ministers discuss areas of cooperation, including investment and addressing climate change

CAIRO: Egyptian Minister of Foreign Affairs Sameh Shoukry, and the UK’s minister of foreign and commonwealth affairs and development, Liz Truss, inaugurated the UK-Egypt Association Council in London.

The two sides issued a joint statement following the launch, stressing it created a new platform to promote the ambitions expressed in the agreement between the UK and Egypt, signed in December 2020.

The statement revealed that the two ministers held talks on developing the strategic partnership between their countries, and welcomed a number of commercial successes between them, including the project to manufacture monorail linear trains in the English city of Derby with the support of the British Export Finance Corp.

This comes in addition to the sale of two marine supply units that belonged to the Royal Navy to Egypt, including contracts for renewal and development.

The statement added that the cooperation included the opening of a new solar energy field with a capacity of 66 megawatts by Globeleq, with an investment of $80 million; the launch of commercial operations by Lekela Wind Energy, with an investment of $325 million; and the approval of an investment of $100 million by British International Investment to acquire Alpha Medical Group.

The two ministers also discussed prospects for enhancing economic cooperation between the UK and Egypt, and agreed to work intensively to develop bilateral trade and investment, including addressing any obstacles to trade, and working to improve market access in the agricultural, healthcare, energy and financial sectors through the establishment of a trade subcommittee. 

The Egyptian and UK governments also affirmed their commitment to enhancing bilateral cooperation and investments in healthcare and education, and welcomed the deepening of their technical cooperation, which will support joint work to overcome barriers to market access in priority sectors.

Future cooperation includes the signing of a declaration of intent between the Egyptian Electric Utility and Consumer Protection Regulatory Agency and the British Gas and Electricity Markets Authority, to help reform Egyptian legislation on renewable energy.

The two ministers welcomed the strengthening of cooperation in Africa and the discovery of tripartite cooperation opportunities with African countries in various fields, especially infrastructure.

The UK welcomed Egypt’s preparations to host COP27 in Sharm El-Sheikh in November, stressing its desire to build on the Glasgow Climate Charter and previous UN climate change goals. 

Egypt and the UK both stressed the importance of supporting developing peoples in achieving a fair transition towards sustainable development patterns that are environmentally friendly and compatible with efforts to combat climate change, including the transition towards sustainable energy and green hydrogen, in addition to adapting to the effects of climate change, through the sustainable and integrated management of natural resources, enhancing resilience and building technical and technological capacities.

The two ministers also discussed a large number of bilateral, regional and global issues of common interest, including human rights, mentioning their desire to hold meetings of the Association Council regularly to continue strengthening cooperation between London and Cairo.

The UK commended Egypt for its leadership and efforts in the field of renewable energy generation and for providing opportunities for British investors and companies in the energy sector.


Egyptian, Cypriot presidents hold talks

Egyptian, Cypriot presidents hold talks
Updated 06 July 2022

Egyptian, Cypriot presidents hold talks

Egyptian, Cypriot presidents hold talks

CAIRO: Egyptian President Abdel Fattah El-Sisi received a phone call from his Cypriot counterpart Nicos Anastasiades to discuss regional issues of common interest and ways to enhance bilateral relations.

El-Sisi affirmed Egypt’s “pride” in the “distinguished cooperation” with Cyprus, “and the positive development it is witnessing.”

He stressed Egypt’s aspiration to promote various aspects of that cooperation — especially in the security, military, energy and economic levels — in a way that contributes to achieving the interests of the two friendly peoples.

They also discussed ways of coordinating efforts with Egypt as a leading partner of the EU in terms of combating terrorism, extremist ideology and illegal immigration.


El-Sisi seeks enhanced Cairo cooperation with UAE

El-Sisi seeks enhanced Cairo cooperation with UAE
Updated 06 July 2022

El-Sisi seeks enhanced Cairo cooperation with UAE

El-Sisi seeks enhanced Cairo cooperation with UAE

CAIRO: Egyptian President Abdel Fattah El-Sisi expressed Cairo’s aspirations to enhance cooperation with the UAE, citing plans for increased investments in information technology, energy and communications.

El-Sisi’s statement came after he received the UAE Minister of Industry and Advanced Technology Sultan Al-Jaber in the presence of a number of officials from the two countries.

A spokesman for the Egyptian presidency said the meeting covered several areas for raising investments between Egypt and the UAE.

The Egyptian presidential spokesman said that El-Sisi conveyed his greetings to the President of the UAE Sheikh Mohammed bin Zayed Al-Nahyan, welcoming the increase in Emirati investments in Egypt to consolidate the strong brotherly relations between the two countries.

Al-Jaber conveyed to El-Sisi the greetings of Sheikh Mohammed bin Zayed, praising the attractive investment and commercial climate in Egypt in light of the comprehensive development process the country is witnessing under the leadership of El-Sisi, which he said provides various opportunities for Emirati and foreign investments in the region.

The Emirati minister added that the UAE is keen to strengthen strategic cooperation frameworks between the two countries.


Sudan’s Burhan relieves civilian members of the sovereign council from duties

Sudan’s Burhan relieves civilian members of the sovereign council from duties
Updated 06 July 2022

Sudan’s Burhan relieves civilian members of the sovereign council from duties

Sudan’s Burhan relieves civilian members of the sovereign council from duties
  • Army would not participate in internationally led dialogue efforts to break its stalemate with the civilian opposition

CAIRO: Sudan’s military leader General Abdel Fattah Al-Burhan issued a decree relieving the five civilian members of the sovereign council from their duties, a statement on the council’s telegram account said on Wednesday.
Burhan said on Monday the army would not participate in internationally led dialogue efforts to break its stalemate with the civilian opposition, and urged political and revolutionary groups to start talks to form a transitional government.