Diab Prepares to Visit Arab and European Countries

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The competent departments at the Grand Serail have launched contacts aimed at preparing for a tour, or several tours, that Prime Minister Hassan Diab intends to carry out to “enable Lebanon to overcome the difficult period it is going through,” media reports said.

“The tour is likely to include influential Gulf Arab capitals as well as European capitals some of which belong to the International Support Group for Lebanon,” informed sources told al-Joumhouria newspaper in remarks published Friday.

Diab has said his cabinet would draw up an emergency rescue plan for the country by the end of the month.

The crisis-hit country has debt-to-GDP ratio of more than 150 percent, one of the highest in the world.

It is currently in the throes of a severe economic meltdown and a biting liquidity crunch that has seen banks impose stringent controls on withdrawals and transfers abroad.

Credit rating agencies and economists have warned of dwindling foreign currency reserves that have plummeted in recent months, threatening import payments and a devaluation of the Lebanese pound.

The local currency has lost a third of its value on the black market.

Comments 7
Thumb doodle-dude 4 days

lol @ 'The competent departments'

Thumb gebran_sons 4 days

Under no condition we want any cent given to Hizbollah's government. Not before honest and courageous economic experts explain why Lebanon's that had 6% GNP growth prior to Hizbollah War, a country with the best talents, incredible human resources and brilliant worldwide expatriates end up bankrupt. Corruption that always was there played a minuscule role compared to Hizbollah's role in destroying our economy, scaring away all western firms, and made Lebanon an attack dog for Iran nuclear policies creating political instability that made impossible any long term investment. We are under occupation and federalism looks now the best option to liberate Lebanon, save freedom and democracy, and create a prosperous future for our children.

Missing peace 4 days

the begging spree has started...
any news of indicting corrupt politicians and confiscating their looting from the lebanese people?

Thumb s.o.s 4 days

I don’t believe he should start spending so much money on jets, hotels and restaurants. We can’t afford it right now.

Let the Lebanese ambassadors do the work instead.

Missing peace 4 days

does he care about people's money? he is just interested in saving his friends privileges....

Missing rabiosa 4 days

I hope very single place he visits and legs for money, that's he's rebuffed unless he meets certain demands. If I was a donor country I'd not even consider giving a single penny. This country is rotten to the core, run by religious fanatics with eternal war as their goal and crooks and their henchmen masquerading as politicians.

Thumb LongLiveLebanon 4 days

It is important that the Prime Minister meets his counterparts face to face. Saudi Arabia Qatar, Kuwait and the UAE are a "must", as well as Germany, France UK and Italy as a minimum.