A man counts Lebanese pounds at an exchange shop in Beirut. The currency hit a new low on Tuesday. Photo: AP
A man counts Lebanese pounds at an exchange shop in Beirut. The currency hit a new low on Tuesday. Photo: AP
A man counts Lebanese pounds at an exchange shop in Beirut. The currency hit a new low on Tuesday. Photo: AP
A man counts Lebanese pounds at an exchange shop in Beirut. The currency hit a new low on Tuesday. Photo: AP

Lebanese Cabinet to meet after pound drops to record low


  • English
  • Arabic

Lebanon's Cabinet is expected to meet within days to potentially end a standoff that has crippled the government as it faces a financial crisis.

Prime Minister Najib Mikati said he will call for a Cabinet meeting on Wednesday morning after holding talks with President Michel Aoun.

"We will convene Cabinet as soon as it receives the budget," he said.

Ministers have not met since October 12 because of a dispute over the investigation into the 2020 Beirut port blast.

Approval of the 2022 budget by Cabinet and parliament has been a main demand of the International Monetary Fund amid talks for a support programme regarded as vital to Lebanon's economic recovery, Mr Mikati said.

"I think that (the Cabinet's) agenda and the presence of the budget makes it more than necessary for Cabinet to meet, and I don't think anyone will fall short on their national (duties)," he said.

The parliament's Amal movement, the Iran-backed Hezbollah group, refused to allow the Cabinet to meet since early October. It wants the removal of a judge investigating the port explosion.

Mr Mikati has said the executive branch has no say in the matter.

It comes as the pound hit a new low on Tuesday, reaching 20 times its value on the black market since the economic meltdown began in late 2019 and likely throwing more people into poverty.

Lebanon's pound was trading at 30,000 to 1 US dollar on the black market as the economic crisis continues with no solution expected in the near future.

The Lebanese currency was pegged at 1,500 pounds to the dollar for 22 years until decades of corruption and mismanagement led to the country’s worst economic crisis in its modern history starting in October 2019.

This currency crash was made worse by a political crisis over the investigation into the August 2020 explosion at Beirut’s port.

The World Bank has described Lebanon’s economic meltdown as one of the worst seen since the 1850s.

Many people are unable to buy basic goods as salaries have not been adjusted for inflation.

The small country of six million, including a million Syrian refugees, imports 80 per cent of its goods.

More than three quarters of people living in Lebanon live in poverty, the UN reported.

Mr Mikati said last month said last month he expects a draft deal to salvage the country's economy to be reached with the International Monetary Fund before the end of February.

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

How%20champions%20are%20made
%3Cp%3E%0D%3Cstrong%3EDiet%3C%2Fstrong%3E%20%0D%3Cbr%3E7am%20-%20Protein%20shake%20with%20oats%20and%20fruits%0D%3Cbr%3E10am%20-%205-6%20egg%20whites%0D%3Cbr%3E1pm%20-%20White%20rice%20or%20chapati%20(Indian%20bread)%20with%20chicken%0D%3Cbr%3E4pm%20-%20Dry%20fruits%20%0D%3Cbr%3E7.30pm%20-%20Pre%20workout%20meal%20%E2%80%93%20grilled%20fish%20or%20chicken%20with%20veggies%20and%20fruits%0D%3Cbr%3E8.30pm%20to%20midnight%20workout%0D%3Cbr%3E12.30am%20%E2%80%93%20Protein%20shake%20%0D%3Cbr%3E%3Cstrong%3ETotal%20intake%3A%3C%2Fstrong%3E%204000-4500%20calories%20%0D%3Cbr%3E%3Cstrong%3ESaidu%E2%80%99s%20weight%3A%3C%2Fstrong%3E%20110%20kg%0D%3Cbr%3E%3Cstrong%3EStats%3A%3C%2Fstrong%3E%20Biceps%2019%20inches.%20Forearms%2018%20inches%3C%2Fp%3E%0A

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Updated: January 05, 2022, 9:36 AM`