Lebanon’s Minister of Energy Heads to Damascus to Discuss Technical Files

Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
TT

Lebanon’s Minister of Energy Heads to Damascus to Discuss Technical Files

Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)

Lebanese caretaker Energy Minister Walid Fayyad headed to Damascus on Monday for a two-day visit to discuss files mainly related to water resources.

Lebanon and Syria are bound by agreements regarding the Orontes River, which arises in eastern Lebanon, flows to Syria and continues into Türkiye. The flooding of the river last year caused major damage to the agricultural fields in Akkar, northern Lebanon.

In a statement, the Ministry of Energy said Fayyad will hold talks with Syrian Minister of Water Resources Hussein Makhlouf with whom he will co-chair a meeting of the Lebanese-Syrian Joint Committee for the Water Sector, in the presence of Secretary General of the Syrian-Lebanese Supreme Council Nasri Khoury.

The two sides will discuss periodic follow-ups of the mechanisms for implementing the Orontes River and the Nahr al-Kabir (Great River) agreements, and ways to preserve the environment of the shared basins and guarantee sustainable and fair investments.

Fayyad and his Syrian counterpart will also touch on cooperation to limit the flooding of the Nahr al-Kabir on the agricultural plains in Akkar, as well as efforts to face the problems of displacement and future projects related to sanitation and irrigation.

On the sidelines of the visit, Fayyad will meet with Syrian Oil Minister Firas Qaddour and Syrian Minister of Electricity Engineer Ghassan Al-Zamil to discuss issues of common interest, according to the ministry’s statement.

A few weeks ago, Fayyad announced his intention to visit Damascus to follow up on issues related to rivers, pledging to improve the operation of the Al-Bared hydroelectric power plant, and to clean the course of the large river.

He also talked about a $5 million funding from the United Nations Development Program (UNDP), which will be used to clean the course of the Grand River and increase turbines for the hydroelectric power plant in Nahr al-Bared.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
TT

Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.