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, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”