In a televised address to the nation, Prime Minister Hassan Diab said foreign currency reserves had hit a “critical and dangerous” level and were needed to meet basic needs. He called for “fair” negotiations with lenders to restructure the debt.
The long-brewing crisis came to a head last year as capital inflows slowed and protests erupted over decades of state corruption and bad governance. There has been no sign of a bailout from foreign states that aided Lebanon in the past. Western governments insist Beirut first enact long-delayed reforms to fight waste and corruption.
The gross public debt has reached around 170 per cent of gross domestic product, meaning Lebanon is close to being the world’s most heavily indebted state, he added. “From what we understand the government wants to be reasonable and so do most creditors. They understand the country is in a difficult situation,” the member said.
Source: Loan Digest (loandigest.net)
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Perikatan Nasional just an illusion, says PPBM manSupreme Council leader says the ruling coalition was set up based on emotion and not objectivity. FMTNews PerikatanNasional PPBM TariqIsmail A disgraceful collection of losses from GE14. Now cause of them even our beloved Agong's image has been tarnished by some fool from UK Parliament. Yes these losses use his majestic's good name to brag about themselves. They're the real traitors of Malaysia.
Source: fmtoday - 🏆 5. / 72 Read more »
Source: fmtoday - 🏆 5. / 72 Read more »
Lebanon suspends freeze order on 20 banks | The Malaysian InsightA-G makes decision in view of concerns about order’s impact on country’s fragile economy.
Source: msianinsight - 🏆 8. / 63 Read more »
Thailand outlines US$3.2 bil stimulus to alleviate coronavirus impactFinancial support for businesses includes soft loans at 2% interest rates, debt moratorium. FMTNews Thailand Tourism Epidemic STIMULUS Coronavirus Covid19
Source: fmtoday - 🏆 5. / 72 Read more »
Source: fmtoday - 🏆 5. / 72 Read more »
Source: fmtoday - 🏆 5. / 72 Read more »