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Lebanon's Finance Minister: 'Steps Needed After Long-term Investment Rating Downgraded '

FILE PHOTO: Minister Ali Hassan Khalil speaks during a meeting in Beirut.
FILE PHOTO: Minister Ali Hassan Khalil speaks during a meeting in Beirut.
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Lebanon's Finance Minister: 'Steps Needed After Long-term Investment Rating Downgraded '

FILE PHOTO: Minister Ali Hassan Khalil speaks during a meeting in Beirut.
FILE PHOTO: Minister Ali Hassan Khalil speaks during a meeting in Beirut.

Lebanon's Finance Minister Ali Hassan Khalil said a report by Moody's Investors Service that downgraded the country's long-term investment ratings reflects the need for quickly forming a new government and implementing reforms, the Associated Press (AP) reported.

Khalil's statement came in a tweet Tuesday after Moody's downgraded the Lebanon's issuer ratings to Caa1 from B3.

The outlook was changed to stable from negative.

Moody's said its decision reflects the heightened risk that the government's response to increased liquidity and financial stability risks will include "a debt rescheduling or other liability management exercise that may constitute a default under Moody's definition," according to AP.

Lebanon's economy has been under pressure with a debt of $85 billion equal to 150 percent of its GDP and little growth.

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Saudi Arabia Sets Digital Innovation Benchmark, Says DGA Chief

Governor of Saudi Arabia’s Digital Government Authority (DGA) Ahmed Alsuwaiyan
Governor of Saudi Arabia’s Digital Government Authority (DGA) Ahmed Alsuwaiyan
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Saudi Arabia Sets Digital Innovation Benchmark, Says DGA Chief

Governor of Saudi Arabia’s Digital Government Authority (DGA) Ahmed Alsuwaiyan
Governor of Saudi Arabia’s Digital Government Authority (DGA) Ahmed Alsuwaiyan

Saudi Arabia is leading the way in digital technology for citizens, residents, visitors, and businesses, according to Ahmed Alsuwaiyan, Governor of the Kingdom’s Digital Government Authority (DGA).
The Kingdom has made major advances in sectors like health, municipalities, and education, affirmed Alsuwaiyan.
Speaking to Asharq Al-Awsat, Alsuwaiyan noted that Saudi Arabia is now among the top 10 countries globally for digital government.
It ranks sixth in the Global E-Government Development Index, reflecting the government's dedication to becoming a top digital state and improving service efficiency.
Alsuwaiyan reminded that Saudi Arabia is fourth worldwide, first in the region, and second in Asia in the United Nations e-Government Development Index and related measures.
Moreover, Saudi Arabia has achieved significant success in digital government, ranking second globally for digital services among G20 countries and seventh in the e-Participation Index.
The Kingdom surged 25 places in the 2024 UN e-Government Development Index, joining the top 10 worldwide and becoming the first Middle Eastern country to do so.
Saudi Arabia’s national transformation plan, “Vision 2030,” has driven this progress, boosting the Kingdom from 52nd place in 2018 to sixth this year.
Saudi Arabia also rose 32 spots in the Human Capital Index, now leading globally in digital government skills.
Riyadh is third worldwide in the UN e-Government Development Index, following Tallinn and Madrid, and ranks first in the G20 region. The city excels in regulatory frameworks and providing key public service information.
Alsuwaiyan credited these achievements to a focus on creating impact through technology and effective public-private partnerships.
Efforts to improve infrastructure and foster a supportive investment environment have also contributed to Saudi Arabia's leading role in digital government practices.