Lebanon's Caretaker Finance Minister Ali Hassan Khalil speaks during a meeting in Beirut. REUTERS
Lebanon's Caretaker Finance Minister Ali Hassan Khalil speaks during a meeting in Beirut. REUTERS

Lebanon finance minister, World Bank urge formation of government



The World Bank and Lebanon's caretaker finance minister jointly called on Friday for the formation of a new government after half a year of political stalemate, saying a new administration was needed to halt "confusion" over the economy.

Almost seven months since the parliamentary election, Prime Minister-designate Saad Hariri has hit a wall in his efforts to form a national unity government as political factions jostle for positions in a new cabinet.

Finance Minister The World Bank estimates Lebanon's national debt will stand at 155 percent of gross domestic product by the end of 2018 and World Bank Vice President for the Middle East and North Africa Ferid Belhaj said in a statement a new government was needed soon, "to put an end to the confusion over the financial and economic situation and to produce a climate of confidence regarding the future of projects scheduled for Lebanon".

Politicians have repeatedly warned there is a risk of economic crisis if a government is not formed soon.

The World Bank has committed $2.2 billion for projects in Lebanon including transport and job creation. But around $800 million is unused while awaiting government approval and Lebanon must pay commitment fees on it.

Members of the outgoing cabinet have remained in office in a caretaker capacity but are unable to take major decisions until a new cabinet is named.

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More than $11 billion of international donor funding pledged in April is also contingent on a new government making a tangible commitment to economic reform.

Mr Belhaj and another World Bank official two weeks ago said Lebanon was losing momentum and there was a risk donors might start losing interest.

Lebanon has the world's third highest debt-to-GDP ratio and a new government must be in place before Lebanon embarks on major fiscal reforms. The International Monetary Fund said in June these reforms are urgently needed to put the debt on a sustainable footing.

The World Bank estimates Lebanon's national debt will stand at 155 percent of gross domestic product by the end of 2018 and that a rise in current spending will increase the fiscal deficit to 8.3 percent of GDP in 2018, from 6.6 percent in 2017.

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MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

WandaVision

Starring: Elizabeth Olsen, Paul Bettany

Directed by: Matt Shakman

Rating: Four stars

Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

Manchester United v Club America

When: Thursday, 9pm Arizona time (Friday UAE, 8am)

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%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A

The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars