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.



GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders
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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

The third edition of the Global AI (GAIN) Summit, organized by the Saudi Data and AI Authority (SDAIA) will be held in Riyadh on September 10-12.

The summit will showcase the global experiences in the field of artificial intelligence technologies, including those that focus on the importance of business leaders' understanding of rapidly developing AI technologies, and reflecting on how to increase production driven by strategic decision-making.

The deliberations of over 300 speakers, including experts, specialists, and decision-makers from 100 countries will present business leaders and those interested in the field of data and AI with promising options and opportunities to benefit from the technologies.

The speakers will deliberate on the most effective methods of utilizing AI to make strategic decisions, support responsible leadership, analyze the extent of the impact of AI on the growth of business activities and productivity, and motivate employees within an attractive work environment that meets the aspirations of business leaders.

The summit will underscore the importance of senior leaders and policymakers in making strategic decisions, determining the scope and directions of work, and achieving a competitive advantage for business. These decisions are guided by organizational policies, available resources, future plans, and other decisions based on AI.

According to a study by PricewaterhouseCoopers, productivity growth and improvement of manufacturing processes were five times faster when AI was used to adjust processes, identify shortcomings, and reduce waste and errors.

Predictive maintenance can also reduce downtime and speed up the pace of production, allowing the plant to increase production with the same or fewer inputs.