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Lebanon’s Diab pitches cash cards for poor. Cue the backlash

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The Lebanese pound has lost more than 85 percent of its value against the dollar since the country decended into economic crisis in 2019 [File: Mohamed Azakir/Reuters]

By Kareem Chehayeb -- aljazeera.com -- -- Beirut, Lebanon – Lebanon’s caretaker Prime Minister Hasan Diab says his government wants to introduce a cash card programme to offer struggling citizens a safety net for buying essential items after subsidies that drain the country’s foreign reserves are withdrawn. But he fears Parliament and Lebanon’s central bank will not throw their support behind the proposal. Lebanon subsidises fuels, medicines, wheat, and other basic food items that the central bank imports at the official exchange rate of 1,507 Lebanese pounds to $1 – an obsolete rate that has not changed despite the country’s deep economic crisis that ignited in October 2019. Meanwhile, at market exchange rates, the pound has lost some 85 percent of its value against the dollar.

In an interview on Monday with Al-Hurra, a US-based Arab satellite channel, Diab said subsidies cost the government $5bn a year, while cash cards would cost only $1.2bn – saving the state about $3bn annually. But he does not believe those compelling maths are enough to secure the support he needs from Parliament or the central bank to push through the plan. “We have faced opposition from day one for everything we have done,” Diab said during the Al-Hurra interview. “We cannot lift subsidies without agreeing on cash cards.” Diab is proposing to give cash cards loaded with United States dollars to about 750,000 vulnerable families after subsidies are lifted

. Those dollars would then be converted into Lebanese pounds when goods are bought. But key details of the plan are still unclear, such as the exchange rate that would apply to the cards, what exactly can be bought with them, or how families would be vetted to determine eligibility and benefit levels. A ministerial source told Al Jazeera that the cabinet had discussed Diab’s plan among other cash card programmes on Tuesday, including one that the caretaker Economy Minister Raoul Nehme presented last December. Diab has reportedly proposed to lift all government subsidies, with the exception of medicine and wheat.

Lebanese sanctuary where Mary, Jesus rested is ‘very holy land’

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Our Lady of Mantara or The Wait, Maghdouché, Lebanon | Panoramic views, Lady, Sacred

SIDON, Lebanon (CNS) — In the village of Maghdouché, overlooking the ancient Mediterranean coastal city of Sidon, a statue of the Blessed Mother holding the infant Jesus graces the hilltop. It is also the site where holy tradition says Mary waited for her Jesus while he was preaching in Sidon and Tyre, thus the name, “Our Lady of Mantara,” or “waiting.” After his preaching, Jesus would join his mother at the grotto. On the grounds of the shrine, the ancient grotto offers a peaceful oasis to pray. At its entrance, a statue of Mary, seated, welcomes visitors. A plaque behind her proclaims in French, Arabic and English: “I’m waiting for my children.” The grotto — or cave — was discovered in 1721 when a shepherd lost a small lamb in the sprawling fields. The shepherd found his lamb near the grotto. Inside the grotto, he found an icon representing the Blessed Mother on an ancient altar. “It is especially important that Jesus has visited this place,” Melkite Catholic Archbishop Elie Béchara Haddad of Sidon said. For this reason, he considers that Mantara is a Christological sanctuary, rather than a Marian sanctuary. “It is a very holy land. It is a real holy land,” he said.

From its summit nearly 700 feet above sea level, the edge of the hill beyond the grotto offers a view of Sidon and the Mediterranean coast. Pilgrims can gaze up and feel they are under the protection of Mary holding Jesus. A bronze statue, 26 feet high, sits atop a 92-foot tower. Beneath the tower is a small chapel, which is currently closed during the pandemic. Archbishop Haddad said that in many areas in this region of southern Lebanon, including around Maghdouché, evidence of ancient Roman roads can be found. Muslims and Christians alike visit the shrine and have attested to miracles received, although the miracles have not been verified. Miracles related to fertility problems and cancer cures are especially common, the archbishop said. It is not unusual to see a woman walking on her knees, approaching the sanctuary as an act of piety for a prayer request.

Lebanon rules out preconditions as sea border talks with Israel resume

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An Israeli navy boat is seen in the Mediterranean Sea as seen from Rosh Hanikra, close to the Lebanese border, northern Israel May 4, 2021. REUTERS/Ammar Awad

by reuters -- Lebanese President Michel Aoun said on Tuesday there should be no preconditions for talks with Israel over their Mediterranean border dispute, key to Lebanon's hopes to find gas reserves amid its worst economic crisis since its 1975-1990 civil war. Negotiations between the old foes were launched in October to try to resolve the dispute, which has held up exploration in the potentially gas-rich area, yet the talks have since stalled. A statement by the Lebanese presidency issued after the resumption of talks on Tuesday said the U.S. mediator had asked for negotiations to be on the basis of Israeli and Lebanese border lines already submitted and registered with the United Nations. "This is against the Lebanese position," the statement said.

"President Aoun has given his instructions to the negotiating team that talks should not be tied to any preconditions and should rely on international law that will remain the basis for reaching a fair solution." The earlier talks stalled after each side presented contrasting maps outlining proposed borders that actually increased the size of the disputed area. Israel already pumps gas from huge offshore fields. Lebanon, which has yet to find commercial gas reserves in its own waters, is desperate for cash from foreign donors. Tuesday's statement did not make clear when the next session of the talks, which are taking place at a U.N. peacekeepers' base in Lebanon's Naqoura, will take place.

Former Qatari PM proposes exit plan for crises-stricken Lebanon

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By Hala Abdallah -- dohanews.com -- In an exclusive interview with Doha News, a Lebanese official responds to a proposal for Lebanon put forward by the former Qatari prime minister. The former Prime Minister of Qatar, Sheikh Hamad bin Jassim, known commonly as HBJ, called on all Lebanese parties to prioritise the country’s national interest and accelerate the formation of government to overcome crises leading the country to abyss. The proposition came in a series of tweets on Sunday as concerns rose over the dire situation in Beirut, exacerbated by a devastating port explosion that killed hundreds in August last year. “Lebanon, dear to our hearts, does not need mediations from outside to get out of its current crisis, it needs all parties to unite and reach an agreement to solve the ongoing crisis,” Hamad bin Jassim said. “I do not want to go into the reasons that drove Lebanon into this crisis because they are known to everyone,” he stated, adding that most Lebanese have already lost all their savings as a deterioration of the Lebanese pound continues to make life impossible for millions in Lebanon.

The Qatari official’s comments stem from a rich background on the Lebanese situation, Kassem Hachem, a Lebanese politician and a

Lebanon’s security forces pursuing smugglers, says interior minister

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Lebanon’s security forces pursuing smugglers, says interior minister

By NAJIA HOUSSARI -- arabnews.com -- BEIRUT: Lebanese Caretaker Interior Minister Mohammed Fahmy told Arab News that he could not deny or confirm the involvement of Hezbollah in the smuggling of the Captagon shipment to Saudi Arabia, an operation thwarted by the Saudi authorities in April. Fahmy stressed that “investigations are underway, and their contents cannot be disclosed until now, fearing for the integrity of the investigation. Upon completion of all data and the initial investigation, we will speak. We hope that we will get the results soon.” The minister of interior inspected on Sunday the illegal crossing points on the borders with Syria, starting from the Al-Fawj border center in Shedra, Akkar district (the far north of Lebanon) to the town of Ras Baalbek (eastern Lebanon).

He listened to a briefing from the regiment commander, Col. Milad Saliba, about the military situation, the conditions of the legal crossing points, and the illegal routes at the Lebanese-Syrian borders, through which smuggling operations take place in the region. Fahmy said that “cross-border smuggling is a chronic problem that goes back to before the year 1975, and no country can control its borders 100 percent.” He said: “But we will activate border controls based on the directives of President Michel Aoun and the orders of the Supreme Defense Council, and anyone responsible for any act of corruption or smuggling will be held accountable.”

S&P Dow Jones Indices considering removing Lebanese stocks from its index

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S&P Dow Jones Indices considering removing Lebanese stocks from its index

By By Nabila Rahal -- arabianbusiness.com -- S&P Dow Jones Indices (S&P DJI) is in the midst of a consolation with market participants on potentially excluding Lebanon-domiciled stocks from the S&P Frontier BMI and related sub-indices, as well as the S&P Pan Arab Indices. Four of Lebanon’s biggest listed companies – Bank Audi, BLOM Bank, Byblos Bank and Solidere, the Lebanese Company for the Development and Reconstruction of Beirut Central District – would be affected if the decision passes. Some industry experts in Lebanon, however, believe that given the current economic crisis the country in passing through, and its dire consequences on the private sector, the impact of these changes will be negligible.

"Pulling a few Lebanese stocks out of any index, whether Pan Arab or Frontier Markets, really is a sideline issue in the context of the troubles we are faced with in Lebanon, where our challenges range from fighting corruption and making efficient reforms in the public sector to solving the problems of international transactions and the exchange rate for private sector enterprises," said Thomas Schellen, editor at large of Executive Magazine, a Lebanese business-focused publication. S&P DJI has already taken measures to address ongoing market accessibility issues in Lebanon caused by the imposition of capital controls back in March. In a statement on April 30 S&PDJI stated that it “continues to monitor the situation but substantive progress does not appear to have been made to address the accessibility issues caused by these controls.” Given the situation in the country regarding foreign currency shortages and fund repatriation concerns, S&P DJI is proposing to remove index constituents domiciled in Lebanon from the S&P Pan Arab Indices. Additionally, S&P DJI is proposing to reclassify Lebanon from a frontier market to a standalone market, and consequently remove all constituents from the S&P Frontier BMI and related sub-indices.

Lebanese stocks would instead only be included in a separate S&P Lebanon BMI standalone. Under these proposals, S&P DJI would remove Lebanon-domiciled constituents from the indices at a zero price given the distortion between the parallel and official exchange rates for the Lebanese Pound and in order to facilitate index replicability. If adopted, S&P DJI is proposing to implement these changes prior to the market open on June 21, in conjunction with the upcoming rebalancing.

Lebanon resumes maritime border talks with Israel in a weak position

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Lebanon resumes maritime border talks with Israel in a weak position

By NAJIA HOUSSARI -- arabnews.com -- BEIRUT: Lebanon and Israel will resume technical negotiations on demarcating their maritime border, under US auspices, at the UN headquarters in Ras Al-Naqoura in southern Lebanon over the weekend. The two sides engaged in four rounds of negotiations from Oct. 14 to Nov. 11, but talks stopped due to Lebanon’s adherence to its demand to expand the disputed area with Israel to reach 2,290 square km instead of 860 square km. This disputed area is located in the potentially gas-rich region. The US State Department announced that the American delegation mediating the negotiations was heading to Beirut on May 3 to resume talks. These negotiations are the first between the two sides under the new US administration.

Lebanon and Israel are officially still at war, and there is no demarcation of land or sea borders between them. The State Department renewed “its commitment to mediate between Lebanon and Israel to facilitate the maritime talks.” John Deruscher is expected to be the US mediator. Lebanon showed some confusion on the issue of demarcating its maritime border, as it drew a border from Ras Al-Naqoura to Line 23 and brought it to the notice of the UN in 2011. However, Lebanon later said this was based on wrong estimates, and the correct one was Line 29. Lebanon demanded during the negotiation sessions an additional area of 1,430 square km that includes part of the Israeli Karish gas field in which the Greek Energean PLC operates. However, the Lebanese request to amend the maritime border has not yet been sent to the UN because Decree No. 6433 related to border demarcation, which extends the border to Line 29, was not amended because President Michel Aoun did not sign it.