Friday, June 24, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News World News

Lebanon, mired in economic crisis

AFPbyAFP
August 4, 2020, 8:30 am
in World News
Reading Time: 3 mins read
A A
72
SHARES
Share on FacebookShare on TwitterShare on Email

Lebanon is suffering its worst economic crisis in decades, marked by an unprecedented plunge of its currency, which has left nearly half of the population in poverty.

The financial collapse has led to mass layoffs and salary cuts in a country already rocked since late 2019 by mass protests against a political system seen as corrupt and incompetent.

Here are the key moments in the spiralling crisis.

Dollar shortages

Anxiety about a dollar shortage flares on September 29 last year when hundreds of people take to the streets of central Beirut to protest economic hardship.

ADVERTISEMENT

Among the worst hit are petrol station owners who need dollars to pay fuel suppliers. Media report that banks and exchange offices are limiting dollar sales for fear of running out.

Tax on WhatsApp

A government proposal to tax free online messaging apps such as WhatsApp, made on October 17, is the last straw.

Thousands take to the streets in Beirut and other cities, some chanting "the people demand the fall of the regime".

The government of prime minister Saad Hariri scraps the tax the same day, but protests grow over the next weeks, culminating in demonstrations gathering hundreds of thousands demanding an overhaul of the entire ruling class.

New government

On December 19 little-known academic Hassan Diab, who is backed by powerful Shiite movement Hezbollah, is named prime minister, replacing Hariri who resigned in late October under pressure from the street.

Protesters immediately regroup to condemn the appointment which outrages members of the Sunni community.

On January 21, 2020, a new government is unveiled, made up of a single political camp, the pro-Iranian Hezbollah and its allies, who have a parliamentary majority.

Demonstrators respond by torching tyres and blocking several roads in mainly Sunni towns across the country.

Default

On March 7, Lebanon, whose debt burden has ballooned to nearly 170 percent of its gross domestic product, says it will default on a $1.2-billion Eurobond.

On March 23 it says it will discontinue payments on all dollar-denominated Eurobonds.

Capital flight

On April 24, Diab says that banks have lost $5.7 billion (4.8 billion euros) in January and February in spite of restrictions on withdrawals and transfers abroad.

According to official estimates, $2.3 billion were transferred out of the country last year.

Rescue plan

On April 30, after three nights of violent clashes in Tripoli, Diab says Lebanon will seek help from the International Monetary Fund, after the government approves a plan to rescue the economy.

On May 13, Lebanon launches talks with the IMF.

Arrests

In May the president of the exchange offices' trades union Mahmud Mrad is arrested and the director of monetary operations at the central bank Mazen Hamdan charged with "manipulation of the national currency".

Currency collapse

From June 11-13, after the Lebanese pound hits a new low on the black market, protesters take to the streets after sundown, blocking roads, including in Beirut and Tripoli.

On June 29, the director general of the finance ministry involved in the negotiations with the IMF resigns, citing deep disagreements over the management of the crisis.

Out of control

On July 10, the UN rights chief Michelle Bachelet warns that Lebanon's crisis is getting out of hand, calling for urgent internal reforms coupled with international support to prevent further mayhem.

'Failed state'

On August 3, Foreign Minister Nassif Hitti resigns in protest at the government's mishandling of the crisis, including its unwillingness to initiate changes demanded by the IMF.

He warns that Lebanon risks becoming a "failed state".

He is replaced by Charbel Wahbe, a former ambassador and advisor to President Michel Aoun.

Tags: economic crisisHassan DiabLebanonMahmud MradMichel Aoun
ADVERTISEMENT
AFP

AFP

Related Posts

Ukrainians ordered to retreat, but blast kills Moscow official

byAFP
June 24, 2022, 7:55 pm
0
144
Southwoods nails Seniors’ Fil golf crown

Kyiv—A Moscow-appointed official in Ukraine’s southern Kherson region was killed in an explosion, Russian news agencies reported Friday, the latest...

Read more

Quake-hit Afghans sans food, shelter

byAFP
June 24, 2022, 7:45 pm
0
132
At least 1,000 killed in Afghan quake, with fear toll will rise

Sharan, Afghanistan—Many survivors of Afghanistan’s deadliest earthquake in more than two decades were on Friday without food, shelter, and water...

Read more

Aussie human rights activists heckle new Chinese envoy

byAFP
June 24, 2022, 7:40 pm
0
135
Southwoods nails Seniors’ Fil golf crown

Sydney—China’s new ambassador to Australia chided human rights protesters who heckled him Friday during a speech about the future of...

Read more

3 dead after fresh Ecuador protest clashes in capital

byAFP
June 24, 2022, 7:35 pm
0
172
Southwoods nails Seniors’ Fil golf crown

Quito, Ecuador—Police in Ecuador’s capital fired tear gas on Thursday to disperse Indigenous protesters who tried to storm congress, as...

Read more

Johnson’s Conservatives lose two UK parliamentary by-elections

byAFP
June 24, 2022, 1:01 pm
0
143
Johnson’s Conservatives lose two UK parliamentary by-elections

British Prime Minister Boris Johnson's ruling Conservatives suffered two crushing parliamentary by-election defeats on Friday, including in a southwest English...

Read more

Supreme Court says Americans have right to carry guns in public

byAFP
June 24, 2022, 11:35 am
0
162
Supreme Court says Americans have right to carry guns in public

The US Supreme Court ruled Thursday that Americans have a fundamental right to carry a handgun in public, a landmark...

Read more

Stories you may like

  • Ex-Naga dad links Leni’s brother-in-law to illegal drugs

    Ex-Naga dad links Leni’s brother-in-law to illegal drugs

    36707 shares
    Share 14683 Tweet 9177
  • Of course, it was BBM’s project

    30861 shares
    Share 12344 Tweet 7715
  • INC endorses BBM, Sara

    28802 shares
    Share 11521 Tweet 7201
  • Duterte’s seven biggest achievements

    21810 shares
    Share 8724 Tweet 5453
  • Marcos leads SWS survey on presidentiables at 50%

    13581 shares
    Share 5432 Tweet 3395

Print Edition

View More

Recent Posts

  • Salceda hails DOST for getting UN award
  • PCUP to release coffee table book
  • Taguig City holds earthquake drills
  • Hospital executives meet to create dev’t plan
  • Marcos economic team targets ‘A’ credit rating
  • Philex eyes P2.65B from stock rights offering
  • Potato Corner expansion
  • Ajinomoto goes solar

Advertisement

Latest News

Philex eyes P2.65B from stock rights offering

byJenniffer B. Austria
June 24, 2022, 9:40 pm
0
129
Philex to launch Silangan mine’s development in Q2

Gold and copper producer Philex Mining Corp. is raising P2.65 billion from a planned stock rights offering. Philex, according to...

Read more

Potato Corner expansion

byManila Standard Business
June 24, 2022, 9:32 pm
0
134
Ajinomoto goes solar

Potato Corner, a Philippine franchise, opens a store at Comic City in Guangzhou, south of China. Lending support to the...

Read more

Ajinomoto goes solar

byManila Standard Business
June 24, 2022, 9:30 pm
0
131
Ajinomoto goes solar

Ajinomoto Philippines Corp. holds an energization ceremony to prompt the introduction of solar power energy in Ajinomoto Philippines Flavor Food...

Read more

Peso nears 55 to a dollar amid hawkish Fed signals

byJulito G. Rada
June 24, 2022, 9:30 pm
0
134
43-month low: Peso weakens further vs. dollar

The peso on Friday hit another 16-year low and nearly broke the 55-per-dollar barrier on hawkish signals from the US...

Read more

Heart specialist says vapes, HTPs can cut health risks among smokers

byManila Standard Business
June 24, 2022, 9:20 pm
0
133
Survey stresses role of vaping in tobacco control

Smoke-free products such as vapes and heated tobacco products can significantly reduce the health risks among Filipino smokers if they...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App