Hariri: France Satisfied with Investment Plan Progress

Lebanese Prime Minister Saad Hariri visits Beirut Port on Friday September 6, 2019. Dalati and Nohra photo
Lebanese Prime Minister Saad Hariri visits Beirut Port on Friday September 6, 2019. Dalati and Nohra photo
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Hariri: France Satisfied with Investment Plan Progress

Lebanese Prime Minister Saad Hariri visits Beirut Port on Friday September 6, 2019. Dalati and Nohra photo
Lebanese Prime Minister Saad Hariri visits Beirut Port on Friday September 6, 2019. Dalati and Nohra photo

French President Emmanuel Macron is satisfied with Beirut's progress on starting an infrastructure investment program, Lebanese Prime Minister Saad Hariri's press office said on Friday, a day after a French envoy criticized the speed at which Lebanon is reforming its economy.

Foreign governments and donor institutions last year pledged $11 billion in financing to Lebanon for a 12-year infrastructure investment program at the CEDRE conference in Paris, on condition that it carries out reforms.

Hariri’s office said in a statement Friday that the PM received a telephone call from Macron, who “expressed his satisfaction with the progress made towards launching the CEDRE investment projects.”

Macron called Hariri after French diplomat Pierre Duquesne concluded a four-day visit to Lebanon to assess Beirut's progress on starting work on the infrastructure projects and other reforms.

Duquesne himself said that the donors' funding offers still stand, but stressed that Lebanese authorities need to speed up reforms, pass a state budget for 2020 this year and decide which of the 250 infrastructure projects will take priority.

"Donors are still ready to help, provided that things happen in the required and right way," he said.

Funding has not yet begun to flow, he said, because Lebanon was without a government for nine months following elections last year.

"And even after (government) formation, donors continue to question the Lebanese government. This view is shared by all donors," Duquesne said.

He was also critical of how some Lebanese politicians were approaching the urgency of the economic problems in the country.

"Some people still believe that there is a miracle solution, a magical solution to solve all the problems. This does not exist."

"Time is running out and we cannot continue with the endless debates," he added.

On Monday Lebanese politicians declared a "state of economic emergency” and Hariri said the government would take emergency measures to speed up reforms, including holding more meetings.

With one of the world's highest debt burdens, low growth and crumbling infrastructure, Lebanon's economy is struggling and authorities are seeking to implement reforms to ward off a crisis.

During Thursday’s phone call, “Macron also stressed France's commitment to Lebanon's stability and security, the strengthening of its state and institutions and the importance of preserving calm on the southern border,” Hariri’s office said.

The frontier between the two countries has remained calm since Israel and Hezbollah traded fire on Sunday.



Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.