Lebanon asks for financial aid as coronavirus outbreak continues
April 6, 2020, 3:39 pm

Lebanon asks for financial aid as coronavirus outbreak continues

Lebanese President Michel Aoun, right, Prime Minister Hassan Diab, and government ministers wear masks while attending a cabinet meeting at the presidential palace in Baabda. (File photo AP)

Lebanon’s President Michel Aoun on Monday called on international donors to provide financial assistance to the crisis-hit country as it grapples with a severe economic downturn compounded by the coronavirus. as coronavirus

Speaking during a meeting of the International Support Group for Lebanon, he specifically urged donors to unlock $11 billion in grants and loans they pledged during a Paris conference in April 2018.

The call comes as his government prepares to launch a long-awaited reform plan demanded by international partners.

“Given the danger of our current financial situation, and its significant economic impact on nationals, residents, and refugees, our reform program will need external financial support,” Aoun told ambassadors from countries in the support group at the presidential palace in Baabda.

Lebanon is in the throes of its worst economic crisis since the 1975-1990 civil war.

The Lebanese pound has lost more than a third of its value on the black market, consumer prices have skyrocketed and unemployment is on the rise at a time when the entire country is on lockdown due to virus fears.

Making matters worse, foreign currency reserves have plummeted amid a grinding liquidity crunch, forcing the cash-strapped government in March to default on its sovereign debt for the first time.

Prime Minister Hassan Diab’s cabinet, nominated in January to tackle a financial meltdown and unprecedented anti-government protests, has pledged a far-reaching reform plan to address the crisis as it seeks to enter restructuring negotiations with creditors.

But the coronavirus pandemic has added to the country’s difficulties, complicating reform efforts, Aoun said, appealing for help.

“Today we are confronting all these crises and their consequences and we welcome any kind of international assistance,” he said.

He said international partners had a responsibility to help Lebanon shoulder the burden of hosting tens of thousands of Palestinians and at least 1.5 million Syrians, warning of a health catastrophe if the virus hits refugee camps. as coronavirus

“The threat of COVID-19 is knocking on the doors of the camps,” he said.

So far just one Palestinian, who lives outside a camp, and three Syrians have tested positive for COVID-19 compared with 541 infections and 19 deaths across Lebanon, according to officials. Diab said the government was putting the “final touches” to the reform plan, which he said would be “ready soon.” levant

source: AFP 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.