French Foreign Minister Jean-Yves Le Drian looks at Lebanese Prime Minister Saad Hariri as he delivers his opening speech at the conference for international donors and investors to support Lebanon's economy, held in Paris on April 6, 2018. Eric Feferberg / Pool via Reuters
French Foreign Minister Jean-Yves Le Drian looks at Lebanese Prime Minister Saad Hariri as he delivers his opening speech at the conference for international donors and investors to support Lebanon's Show more

Lebanon promised more than $10bn in grants and loans



Lebanon on Friday won pledges of grants and loans exceeding $10 billion at a Paris conference at which the government sought support for a capital investment programme to boost its economy, Finance Minister Ali Hassan Khalil said.

The pledges included $4 billion in World Bank loans, $1.35 billion in loans from the European Bank for Reconstruction and Development, and the renewal of a previously pledged $1 billion credit line from Saudi Arabia, Lebanese officials said.

Lebanon has been battered by seven years of war in neighbouring Syria, and is hosting more than one million Syrian refugees.

It is seeking the funds for investment to overhaul its infrastructure and to lift economic growth, which Prime Minister Saad Hariri said has sunk to less than 1 per cent from a previous average of 8 per cent.

Lebanon needs international support for its investment plan and to carry out reforms to root out corruption and to improve fiscal governance, among other goals, he told the conference.

"In this effort, Lebanon can not succeed alone. It needs the support of the international community," Mr Hariri said

He called for "a clear and concrete indication of this support in the form of grants and concessional loans".

In a nod to demands for reform, the prime minister pledged fiscal consolidation to reduce the budget deficit - more than 150 per cent of gross domestic product at the end of 2017 - by 5 per cent during the next five years.

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The Lebanese parliament last week passed a 2018 budget that projects a narrower deficit than in 2017. Standard Chartered, in a research note, called the budget a "positive sign".

The Paris conference, convening 50 countries and organisations, including Saudi Arabia, the United States and Russia, is expected to set up a follow-up mechanism to track progress towards reform.

The International Monetary Fund said in February that Lebanon's fiscal policy needed a consolidation plan that stabilised debt and then began to reduce it.

Diplomats have said Lebanon's success in attracting international support from donors and the private sector will hinge on reforms.

"Lebanon needs significant investments to upgrade its basic infrastructure, which today no longer allows it to provide all these citizens with essential public services in good conditions," French Foreign Minister Jean-Yves Le Drian said.

"On the other hand, Lebanon needs major reforms of its economy, structural and sectoral," he told the conference.

He said France would provide 400 million in concessionary loans and 150 million euros in donations.

Lebanon, which is still rebuilding from its 1975-90 civil war, is seeking investment in roads, power generation and public transport.

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Three tips from La Perle's performers

1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.

2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.

3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.

BMW M5 specs

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Key facilities
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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

Dust and sand storms compared

Sand storm

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  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

The specs

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UAE currency: the story behind the money in your pockets
LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.