Coronavirus policy: Lebanon’s Berri threatens to suspend support
March 28, 2020, 5:36 pm

Coronavirus policy: Lebanon’s Berri threatens to suspend support

Lebanese Parliament Speaker Nabih Berri. (File photo AP)

Lebanese Parliament Speaker Nabih Berri threatened on Saturday to suspend his support for Prime Minister Hassan Diab’s government if it did not act to bring home expatriates stranded abroad during the coronavirus pandemic. Lebanon’s Berri threatens

Foreign Minister Nassif Hitti said on Thursday that Lebanese citizens abroad must undergo a test to make sure they are not carrying coronavirus before boarding a flight home.

“If the government keeps its position on the issue of the expatriates beyond this coming Tuesday we will suspend our representation in the government,” Berri, head of the Shiite Amal Movement, said in a statement from his office.

Berri is one of Lebanon’s most powerful figures and named the finance minister and others in the government which is grappling with a financial crisis and would be paralyzed were he to withdraw his backing.

Like all of Lebanon’s main politicians, Berri has a significant support base in the country's large diaspora.

Leading Christian politician Samir Geagea also attacked the government on the issue on Saturday, expressing concern that countries struggling to cope with outbreaks would prioritize the treatment of their own nationals over expatriates.

Some Lebanese stuck abroad are struggling to get by, their situation complicated by tight restrictions imposed by Lebanese banks on transfers abroad and cash withdrawals from ATMs overseas. Lebanon has been struggling with a crippling financial crisis since October.

Hitti said this week the ceilings for bank transfers to students stuck abroad would be increased. Lebanon’s Berri threatens

“We hope to bring home Lebanese today, before tomorrow, and understand the feelings of families and their children but the PCR tests must be secured because there is great danger in a person infected with corona boarding a plane with those who are not infected,” he wrote on Twitter.

The government would arrange flights to bring home those stuck abroad, he said, urging Lebanese abroad to register with embassies to provide them with help. levant

source: Reuters levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.