Saudi Press

Saudi Arabia and the world
Monday, Jan 30, 2023

Lebanese parliament fails to elect president for the 11th time

Lebanese parliament fails to elect president for the 11th time

Lebanon’s parliament failed to elect a new president for the 11th time on Thursday, prolonging an institutional vacuum amid one of the worst economic crises facing the country.
MP Michel Moawad received the most votes with 34, but 37 lawmakers returned blank ballots, according to Lebanon’s news agency.

Issam Khalife received seven votes, while Ziad Baroud gained just two, and Edward Honein had one.

A caretaker government took over when former president Michel Aoun stepped down at the end of October, 2022, stalling a host of economic reforms aimed at stopping wasteful spending and combatting rampant corruption.

Lebanese authorities in April, 2022, reached a tentative agreement with the International Monetary Fund for a recovery plan conditional on a host of economic reforms and anti-corruption measures.

However, the international organization has been critical of Lebanon’s sluggish efforts to meet these demands.

Meanwhile, the Lebanese pound on Thursday hit a new record low of 50,000 pounds per US dollar, currency exchange dealers told Reuters, marking a loss in value of more than 95 percent since the country’s financial system imploded in 2019.

The pound was pegged to the dollar at a rate of 1,507 in 1993, a peg that held until 2019, when decades of profligate spending, mismanagement and corruption triggered a financial crisis.

Lebanon’s cash-strapped banks continue to impose strict limits on withdrawals of foreign currency since October 2019, tying up the savings of millions of people.

As the economy continues to tank without any reforms, some depositors have resorted to storming bank branches and take their trapped savings by force.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
×