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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 Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)
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Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)

The Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo with officials from both countries and 300 Saudi and Egyptian companies to explore prospects for partnership and economic cooperation.

The forum highlighted investment opportunities and incentives in Saudi Arabia and Egypt, as well as the business environment and prospects for partnership in industry, real estate development, tourism and economic zones and free zones, the Saudi Press Agency said on Tuesday.

Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation.

He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SAR60 billion in 2024, marking a 29 percent increase.

GAFI CEO Hossam Heiba emphasized that the Egyptian government is committed to providing an attractive investment environment by continuing to achieve breakthroughs in infrastructure and implementing a series of incentive measures in fiscal, monetary and investment policies.

He also highlighted support for growing incoming investments, particularly Saudi investments, which are a cornerstone of sustainable development in Egypt, noting that a special unit for Saudi investments has been established.

The representative of the Saudi Ministry of Investment Hamad Al-Rasheed reviewed the Kingdom’s efforts to stimulate investment by establishing special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals.

He also highlighted the launch of the national initiative for global supply chains, aimed at attracting strategic supply chains to the Kingdom and securing regional and global market share in key sectors alongside the Kingdom’s efforts to simplify and digitize procedures.