The Lebanese Baalbek-Hermel Governorate has had a continuous electricity blackout for three days in a row, the National News Agency reported on Friday. Although the region received promises that power would be restored on Thursday, this did not happen, and the prolonged loss of power has already caused massive losses. Over the past three days, many people in the said governorate have had to throw away their stocks of food and medicine that require constant refrigeration. People have also been […]
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The Lebanese Energy Ministry raised the prices of gasoline on Friday morning. In a decision numbered “180,” Energy Minister Walid Fayyad set the price of a 20-liter can of 95-octane gasoline at 174,300 Lebanese pounds, and that of a 20-liter can of 98-octane gas at 180,000 pounds. Previously, 20 liters of 95-octane gas had been selling for LBP 126,400 (a LBP-47,900 increase), while the same amount of 98-octane gas was being sold for LBP 130,500 (a LBP-49,500 increase). Gas stations […]
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Representing the Lebanese government, Finance Minister Youssef Khalil signed a forensic auditing contract with Alvarez & Marsal on Friday. Minister Khalil signed the contract after receiving approval from Lebanon’s Audit Bureau. He then informed President Michel Aoun, Speaker of Parliament Nabih Berri, and Prime Minister Najib Mikati of the move. In accordance with the contract, Alvarez & Marsala, a New York-based firm that had previously signed a similar contract with Lebanon, will submit its initial report to Khalil within 12 […]
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In an unprecedented firm stance, the Parliament of the European Union issued “a strict and very strong” resolution on Thursday “to put an end to rampant corruption and end foreign interference” in Lebanon. Declaring Lebanon’s situation “a man-made catastrophe caused by a handful of men from the ruling political class,” the resolution, which brings dozens of decisions to help the Lebanese people, was voted by the vast majority of the EU parliament: 571 in favor, 71 against, and 39 absentations. […]
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The European Union parliament issued a resolution voted by the majority and in which it declares Lebanon’s situation “a man-made catastrophe caused by a handful of men from the ruling political class.” It noted its extreme concern “about the irreversible damage suffered by the Lebanese population, in particular the brain drain and the depletion of human resources.” EU MP and French politician Christophe Grudler took to Twitter a day earlier to briefly announce in a video clip that the EU […]
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As of Friday, black market traders in Lebanon are selling the US Dollar for 14,000 LBP and buying it for 14,050 LBP. The current official rate still stands at $1 = 1,500 L.L. and the bank rate at $1 = 3,900 L.L. Lebanon is currently experiencing hyperinflation as a result of an ongoing economic crisis since the end of 2019. The Lebanese lira has been drastically falling against the previously fixed US dollar rate of $1 = 1,500 L.L. This […]
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