News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
20
o
Bekaa
16
o
Keserwan
21
o
Metn
21
o
Mount Lebanon
21
o
North
22
o
South
21
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Nightly News Bulletin
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
20
o
Bekaa
16
o
Keserwan
21
o
Metn
21
o
Mount Lebanon
21
o
North
22
o
South
21
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Can Lebanon obtain an IMF loan, imitating Egypt's example?
News Bulletin Reports
2023-01-12 | 14:12
High views
Share
Share
3
min
Can Lebanon obtain an IMF loan, imitating Egypt's example?
For the third time in ten months, the official currency rate in Egypt reached historical lows at about 30 pounds to the US dollar and got very close to the black-market rate. However, the country has been following the track of the International Monetary Fund (IMF).
Unifying the exchange rate and preventing the intervention of the Central Bank to stabilize it were the most prominent reform conditions required from IMF, which recently agreed to grant Egypt a new loan of $3 billion.
This was in light of the country's struggles with a lack of foreign currency, a sharp decline in reserves, and a devaluation of its exchange rate, particularly following the withdrawal of about $20 billion from the country due to investors' concern about the effects of the Russia-Ukraine war and global financial difficulties.
Therefore, the state was pushed to enact the capital control law to stop the further leakage of dollars.
As a country that imports most of its goods, the devaluation of the Egyptian pound will make life even more difficult for Egyptian people and lead to a new round of high prices and inflation.
IMF affirmed that the currency's value dropped to achieve the exchange rate unification, which would regulate the market and create confidence to draw investments. This would also assist local businesses in selling their products abroad at competitive prices to bring dollars into the country, strengthen the currency and thus combat inflation.
Furthermore, the Egyptian authorities had promised to adopt several reform measures, such as controlling public spending.
However, some people described these conditions as unfair, stressing that the IMF loan would increase the nation's debt.
On the other hand, others believed that this loan represents the last opportunity for advancement and opens the door to external financing.
However, Egypt's story is close to that of Lebanon.
Even if Lebanon's economy is way smaller than Egypt's, it still has the opportunity to obtain a loan for the same amount (roughly $3 billion), which opens the door for obtaining external financing of more than $10 billion to help it get out of its crises.
But since the initial agreement with the Fund, almost a year has elapsed. Yet, none of the required conditions and reforms have been implemented: No endorsement of the capital control, no amendment of the banking secrecy law, no plan to restructure the banks, and instead of moving to unify the exchange rate, the chaos with the exchange rates is still existing.
Breaking Headlines
Lebanon News
News Bulletin Reports
Lebanon
Lebanese
Egypt
USD
IMF
Politics
Financial
Economy
Economic
Reform
Investments
Banks
Next
The Iranian Response: Awaiting Retaliation Amidst Escalating Tensions
Recommended For You
d-none hideMe
0
News Bulletin Reports
12:25
Israeli Military Operation in Rafah: Cross-Border Conflict and Humanitarian Impact
News Bulletin Reports
12:25
Israeli Military Operation in Rafah: Cross-Border Conflict and Humanitarian Impact
0
News Bulletin Reports
12:22
Lebanon's Response to the Revised French Proposal: Unbalanced Demands and Key Considerations
News Bulletin Reports
12:22
Lebanon's Response to the Revised French Proposal: Unbalanced Demands and Key Considerations
0
News Bulletin Reports
12:20
Rising Influence of Chinese Electric Cars: Market Disruption and Trade Tensions
News Bulletin Reports
12:20
Rising Influence of Chinese Electric Cars: Market Disruption and Trade Tensions
0
News Bulletin Reports
2024-05-06
Nuclear talks: IAEA chief engages Iranian officials on nuclear concerns
News Bulletin Reports
2024-05-06
Nuclear talks: IAEA chief engages Iranian officials on nuclear concerns
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Middle East News
2023-10-25
Erdogan: Hamas fighters are a freedom group protecting their land
Middle East News
2023-10-25
Erdogan: Hamas fighters are a freedom group protecting their land
0
Middle East News
2024-05-01
Khamenei says regional countries' normalization with Israel will 'not solve regional crises'
Middle East News
2024-05-01
Khamenei says regional countries' normalization with Israel will 'not solve regional crises'
0
Middle East News
2023-06-26
Huge crowds swarm from Mecca for hajj climax
Middle East News
2023-06-26
Huge crowds swarm from Mecca for hajj climax
0
Lebanon News
2024-02-23
Civil Defense mourns loss of two paramedics in south Lebanon
Lebanon News
2024-02-23
Civil Defense mourns loss of two paramedics in south Lebanon
Videos
d-none hideMe
0
Lebanon News
2024-04-30
University Students Organize Solidarity Protest for Palestine (VIDEO)
Lebanon News
2024-04-30
University Students Organize Solidarity Protest for Palestine (VIDEO)
0
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
0
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
0
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
0
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
0
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
0
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
0
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Most read
d-none hideMe
24 hours
7 days
Month
1
Middle East News
00:56
Two Israeli soldiers killed in Hezbollah drone attack near Metula
Middle East News
00:56
Two Israeli soldiers killed in Hezbollah drone attack near Metula
2
Israel-Gaza War Updates
08:51
Lebanon warns of humanitarian crisis in Rafah amid Israeli escalation
Israel-Gaza War Updates
08:51
Lebanon warns of humanitarian crisis in Rafah amid Israeli escalation
3
Israel-Gaza War Updates
10:18
Hamas reports death of Israeli hostage due to injuries from Israeli bombardment
Israel-Gaza War Updates
10:18
Hamas reports death of Israeli hostage due to injuries from Israeli bombardment
4
Israel-Gaza War Updates
09:04
US clarifies views on Rafah operation to Israel, State Dept says
Israel-Gaza War Updates
09:04
US clarifies views on Rafah operation to Israel, State Dept says
5
Israel-Gaza War Updates
00:40
Israeli Army raids Rafah crossing in southern Gaza Strip, Al Jazeera reports
Israel-Gaza War Updates
00:40
Israeli Army raids Rafah crossing in southern Gaza Strip, Al Jazeera reports
6
Israel-Gaza War Updates
07:35
Hamas: Israeli invasion of Rafah aims to disrupt ceasefire mediation efforts
Israel-Gaza War Updates
07:35
Hamas: Israeli invasion of Rafah aims to disrupt ceasefire mediation efforts
7
Israel-Gaza War Updates
01:15
Israeli army enters Gaza's Rafah crossing
Israel-Gaza War Updates
01:15
Israeli army enters Gaza's Rafah crossing
8
Lebanon Economy
02:28
Fuel prices decrease across Lebanon
Lebanon Economy
02:28
Fuel prices decrease across Lebanon
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More