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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UAE residents feel tremors caused by 6.3 magnitude earthquake in Iran

UAE residents feel tremors caused by 6.3 magnitude earthquake in Iran
Updated 6 sec ago

UAE residents feel tremors caused by 6.3 magnitude earthquake in Iran

UAE residents feel tremors caused by 6.3 magnitude earthquake in Iran

DUBAI: UAE residents reported feeling tremors caused by 6.3 magnitude earthquake that jolted South Iran on Saturday at 3:24 am, according to the National Centre of Meteorology (NCM) on Saturday.

NCM added that the quake, which claimed the lives of five people in Iran, quake did not have any impact on the UAE.

State news agency IRNA said a magnitude 6.3 and 6.1 earthquakes followed the 6.1 quake that flattened the village of Sayeh Khosh near Iran’s Gulf coast, with were more than a dozen aftershocks reported.

Iran has suffered several devastating earthquakes in recent years as major geological fault lines crisscross the country.


Houthi militia targets army positions in Taiz

Houthi militia targets army positions in Taiz
Updated 4 min 27 sec ago

Houthi militia targets army positions in Taiz

Houthi militia targets army positions in Taiz
  • The militia is also accused of targeting the army’s sites and residential neighborhoods using snipers

DUBAI: The Houthi militia has bombed army bases in Al-Dhabab area, west of Taiz, according to reports by state news agency Saba on Friday.

This comes as part of the militia’s daily violations of the UN truce, wrote Saba.

Yemen’s army has recorded a total of 2,778 violations by the Houthis since the beginning of the truce until Thursday.

The Taiz Military Axis said the violations ranged from artillery shelling, establishing fortifications and new sites, bringing in reinforcements, building roads, laying mines, conducting reconnaissance, and using drones.

The militia is also accused of targeting the army’s sites and residential neighborhoods using snipers.


At least five killed in magnitude 6.1 quake on Iran Gulf coast

Iranians gather outside their buildings after an earthquake was felt in the capital Tehran on May 7, 2020. (AFP)
Iranians gather outside their buildings after an earthquake was felt in the capital Tehran on May 7, 2020. (AFP)
Updated 02 July 2022

At least five killed in magnitude 6.1 quake on Iran Gulf coast

Iranians gather outside their buildings after an earthquake was felt in the capital Tehran on May 7, 2020. (AFP)
  • The quake struck just a minute after a 5.7 tremor

TEHRAN: At least five people were killed by a magnitude 6.1 earthquake in southern Iran early on Saturday, state media reported, with the area also hit by two later strong quakes of up to 6.3 magnitude.
“Five people have died in the earthquake ... and so far 12 are hospitalized,” Mehrdad Hassanzadeh, head of emergency management in Hormozgan Province on Iran’s Gulf coast, told state TV. “Rescue work has been carried out and we are now providing tents as emergency housing.”

A handout shakemap made available by the United States Geological Survey (USGS) shows the location of a 6.1-magnitude earthquake hitting around 54km north east of Bandar-e Lengeh, Iran, 02 July 2022. (EPA)

The state news agency IRNA said a magnitude 6.3 earthquake and a magnitude 6.1 quake followed the 6.1 quake that flattened the village of Sayeh Khosh near Iran’s Gulf coast. There were more than a dozen aftershocks.
“All of the victims died in the first earthquake and no-one was harmed in the next two severe quakes as people were already outside their homes,” said Foad Moradzadeh, governor of Bandar Lengeh country, quoted by the state news agency IRNA.
Major geological fault lines crisscross Iran, which has suffered several devastating earthquakes in recent years. In 2003, a magnitude 6.6 quake in Kerman province killed 31,000 people and flattened the ancient city of Bam.

 


Protesters storm into parliament building in eastern Libya

Protesters storm into parliament building in eastern Libya
Updated 02 July 2022

Protesters storm into parliament building in eastern Libya

Protesters storm into parliament building in eastern Libya



BENGHAZI, Libya: Demonstrators broke into the building that houses the eastern Libya-based parliament in Tobruk on Friday, setting fire to parts of it amid protests over months of failed efforts to set the divided country on a path toward elections.
One witness, Taher Amaizig, said thousands joined a march to the parliament building calling for the current political powers to be dissolved and elections to be held. He said that as security guards tried to prevent people from entering, a protester was shot in the legs and other demonstrators then forced their way inside.
Videos circulated on social media showed protesters filing past burning piles. Friday is the first day of the weekend in Libya, meaning the building was likely empty when it was stormed. It was unclear what protesters intended by targeting the building
Other protests demanding elections were staged earlier in the day in several cities around Libya.
The unrest comes a day after representatives of Libya’s rival powers — one based in the east of the country and the other in the west — failed at UN-mediated talks in Geneva to reach agreement on a constitutional framework for national elections.
After more than a decade of war, the country is once again split between competing administrations, sliding backwards despite a year of tentative steps toward unity.
Oil-rich Libya has been wrecked by conflict since a NATO-backed uprising toppled and killed longtime dictator Muammar Qaddafi in 2011, leading to a rise in rival governments. The administration based in the east is backed by military commander Khalifa Haftar, and a UN-supported administration is based in the capital of Tripoli. Each side is supported by different militias and foreign powers.
Tobruk, the seat of Libya’s House of Representatives, has long been allied with Haftar. More recently the parliament there elected Fathy Basghagha as prime minister to a government that rivals the Tripoli-based administration. Bashagha, a powerful former interior minister, is now operating a separate administration out of the city of Sirte.
Libya’s plan for elections last Dec. 24 fell through after the interim administration based in Tripoli, headed by Prime Minister Abdul Hamid Dbeibah, failed to go ahead with the vote. The failure was a major blow to international efforts to end a decade of chaos in Libya.
The deteriorating economic situation was also a factor in Friday’s protests. In Tripoli, hundreds came out earlier in the day in opposition to the political crisis but also to rail against electricity shortages and rising prices for fuel and bread.


Libya’s Dbeibah says ‘election’ the only solution for crisis

Libya’s Dbeibah says ‘election’ the only solution for crisis
Updated 02 July 2022

Libya’s Dbeibah says ‘election’ the only solution for crisis

Libya’s Dbeibah says ‘election’ the only solution for crisis

The head of Libya’s Government of National Unity Abdulhamid Al-Dbeibah said he supports protesters in the country, agrees that all institutions should leave including the government, and there is no way to do that except through “election.”
Dbeibah’s comments come after protesters stormed the parliament building in the eastern city of Tobruk and staged the biggest demonstration for years in the capital Tripoli, in the west.