Tuesday, December 1, 2020
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Lebanon banned from voting in UN

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Lebanon was deprived of the right to vote in the UN General Assembly due to non-payment of membership fees for the last two years.

The diplomatic department regretted this and assured that it sent all the necessary requests and directives to the Lebanese responsible for the procedure, but did not receive a response.

“In this case, the interests of Lebanon and its reputation have suffered. We hope to resolve the issue in the near future,” the Foreign Ministry noted.

As follows from the received copies of the letters of the ministry, Gebran Basil, repeatedly addressed the Minister of Finance Ali Hassan Khalil. So, last year, the agency requested 1.31 million dollars to pay off debts.

The economic and financial situation in Lebanon continues to deteriorate

The economic and financial situation in Lebanon continues to deteriorate. President Michel Aoun said in early October that the country was suffering from financial blockade and sanctions. There is also a shortage of currency in the banking sector. Suspended transfers to foreign accounts, the issuance of dollars is limited to one thousand a week. The percentage of commission for issuing foreign currency in cash is increased. Private entrepreneurs refuse to accept payment by bank transfer. At the same time, the Lebanese pound against the dollar began to fall for the first time in 30 years. Now it has reached the level of 2,400 pounds per dollar. At the same time the Central Bank continues to maintain the previous exchange rate of 1,515 pounds.

In October, anti-government demonstrations began against this background. Protesters demand economic reform and prosecution of officials involved in corruption schemes. The government of Saad Hariri resigned on October 29, but the demonstrations did not stop. The country has remained in a political vacuum for more than two months: the president has appointed a new prime minister, Hassan Diab, but so far it has not been possible to form a new government that satisfies all political parties.

Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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