Bank customers scuffle with Lebanese soldiers during a protest in Beirut. Lebanon is experiencing an unprecedented financial crisis, and an IMF deal is widely regarded as the only way for it to secure aid. Photo: EPA
Bank customers scuffle with Lebanese soldiers during a protest in Beirut. Lebanon is experiencing an unprecedented financial crisis, and an IMF deal is widely regarded as the only way for it to secure aid. Photo: EPA
Bank customers scuffle with Lebanese soldiers during a protest in Beirut. Lebanon is experiencing an unprecedented financial crisis, and an IMF deal is widely regarded as the only way for it to secure aid. Photo: EPA
Bank customers scuffle with Lebanese soldiers during a protest in Beirut. Lebanon is experiencing an unprecedented financial crisis, and an IMF deal is widely regarded as the only way for it to secure

Lebanon to strike preliminary deal with IMF soon, reports say


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Lebanon could strike a preliminary deal for financial support with the International Monetary Fund in January or February, according to local news reports that cited the country's deputy prime minister.

Saadeh Al Shami was quoted by broadcaster Al Jadeed on Sunday as saying a ministerial committee had agreed with Lebanon's central bank governor that losses in the struggling country's financial sector amounted to $69 billion.

The IMF is to assess that calculation but an agreement on the figure would be a crucial first step for Lebanon's government as it seeks to negotiate a support programme.

The fund has said preparatory technical discussions with the Lebanese authorities are under way. These are to lay the groundwork for an IMF-backed programme.

Lebanon is experiencing an unprecedented financial crisis, and an IMF deal is widely regarded as the only way for it to secure aid.

On Sunday, UN Secretary General Antonio Guterres said the international community had not done enough to support Lebanon, which is grappling with a dire economic crisis and is home to more than a million Syrian refugees.

Mr Guterres called for more support at the start of a high-profile, three-day visit to country, during which he met President Michel Aoun.

Mr Guterres said his visit will focus on supporting the Lebanese people but he pressed the country's political leadership to overcome their differences to find ways to resolve the crisis.

UN Secretary General Antonio Guterres, left, and Lebanon's President Michel Aoun in the presidential palace near Beirut on Sunday. Photo: Reuters
UN Secretary General Antonio Guterres, left, and Lebanon's President Michel Aoun in the presidential palace near Beirut on Sunday. Photo: Reuters

International donors, including traditional supporters of Lebanon, have extended humanitarian assistance to the country, but have declined to back the government before a reform plan is agreed upon.

Lebanon's people are facing a deteriorating economic crisis that began in late 2019 and is rooted in years of mismanagement and corruption.

The crisis, including a collapse of the national currency and deepening poverty, has been compounded by the Covid-19 pandemic, bickering among rival political groups and a massive explosion at the port of Beirut in August last year that left at least 216 people dead and injured thousands. It also destroyed major parts of the capital.

“I believe the international community has not done enough to support Lebanon … and other countries in the world that have opened their borders, doors and hearts to refugees when, unfortunately, some much more richer and much more powerful close their borders,” Mr Guterres said, speaking beside Mr Aoun.

He said a 12-month UN emergency response plan unveiled in August – which is asking for $383 million to support 1.1 million people – is only 11 per cent funded so far.

UAE currency: the story behind the money in your pockets
COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE currency: the story behind the money in your pockets
What you as a drone operator need to know

A permit and licence is required to fly a drone legally in Dubai.

Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.

It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.

“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.

“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.

“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.

“You cannot fly a drone without registration under any circumstances.”

Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.

The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.

“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.

“Operators must undergo proper training and certification to ensure safety and compliance.

“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”

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