3-year travel ban to Lebanese Republic ended
Based on which Lebanese officials are calling positive talks and on the support for Lebanon from Abu Dhabi, today the UAE has lifted its 3-year travel ban. Additionally, the Beirut government is seeking help from the UAE from the country’s overall economy.
Lebanon Prime Minister Saad Hariri led a delegation to Abu Dhabi where he stated he was hopeful the UAE would invest funds into his country’s central bank. He added that Lebanon is longing for investments in food, oil, gas, infrastructure, and renewable energy.
Lebanon currently has among the world’s highest debt burdens in conjunction with slow growth and a decaying infrastructure. Due to today’s announcement, dollar bonds issued by Lebanon rose.
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In return, Beirut has promised to implement reforms which were delayed long. Most of what lead around it has caused a lack of confidence by international investors, therefore the support of the UAE will be a solid shot in the arm for positive economic reform.
Central bank Governor Riad Salameh said that Lebanon has “numerous possibilities” since it searches for assistance, nonetheless it is relying on support from UAE presently.
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