The United Arab Emirates lifted a ban on its citizens visiting Lebanon on Monday...
ABU DHABI - The United Arab Emirates lifted a ban on its citizens visiting Lebanon on Monday as the Beirut government sought UAE help in steering the heavily indebted economy out of deep crisis.
Before the lifting of the travel ban was announced, Hariri said he was “optimistic” after visiting the UAE and meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. He said the UAE would announce any support initiative that may come. “The atmosphere is good,” Hariri said on Twitter.
Faced with one of the world’s highest debt burdens, low growth and crumbling infrastructure, Beirut has vowed to implement long-delayed reforms. It is also seeking to reverse a sharp loss of confidence among foreign investors and depositors who are turning away from the Lebanese pound. Crown Prince Mohammed “stressed during the meeting that the UAE...is keen on supporting its relationships with Lebanon on different levels, and stands by it in all that preserves its security and stability,” the state news agency WAM reported.
Central bank Governor Riad Salameh, also attending the conference, said it was continuing to provide dollars to local financial markets. He added that Lebanon has “numerous possibilities” as it looks for assistance, but it anticipates support from the UAE.Lebanon’s traditionally high reserves of foreign currency have been in decline because capital inflows into its banking system from Lebanese abroad have been slowing.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rising support, and expectations, lift hosts Japan at World CupJapan coach Jamie Joseph is not sure if his team is more globally popular than N...
Read more »
10 Best Local Stores to Buy the Most Stylish Abayas in EmiratesFrom classic to trendy to daring, these local Emirati brands will be your go to stores for abayas, kaftans and jalabiyas
Read more »
U.S. economists wrestle with how to help 'left behind' areasBoston Federal Reserve officials have a pretty good idea what helped the ailing ...
Read more »
US troops start pullout from along Turkey's border in SyriaBEIRUT (AP) — U.S.-backed Kurdish-led forces in Syria said American troops began withdrawing Monday from northeast Syria ahead of a Turkish invasion that the Kurds say will overturn five years of...
Read more »
6 Basic Barbell Exercises for Beginner Weightlifters6 basic barbell exercises for beginner weight lifters:
Read more »