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UAE Request Delay of Expo 2020 until October 2021 due to Coronavirus

An aerial view taken after the recent crowning of Al Wasl dome shows the progress of construction at the Expo 2020 site in Dubai, UAE, in this undated picture obtained Sept. 19, 2019. (Reuters)
An aerial view taken after the recent crowning of Al Wasl dome shows the progress of construction at the Expo 2020 site in Dubai, UAE, in this undated picture obtained Sept. 19, 2019. (Reuters)
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UAE Request Delay of Expo 2020 until October 2021 due to Coronavirus

An aerial view taken after the recent crowning of Al Wasl dome shows the progress of construction at the Expo 2020 site in Dubai, UAE, in this undated picture obtained Sept. 19, 2019. (Reuters)
An aerial view taken after the recent crowning of Al Wasl dome shows the progress of construction at the Expo 2020 site in Dubai, UAE, in this undated picture obtained Sept. 19, 2019. (Reuters)

The United Arab Emirates has officially requested to postpone the start of the Expo 2020 Dubai until October next year due to the coronavirus pandemic, the Bureau International des Expositions (BIE) said on Saturday.

"Following consultations with the BIE, participating countries and key stakeholders, the UAE has proposed 1 October 2021 - 31 March 2022 as the new opening dates of Expo 2020 Dubai."

Expo is a major business and cultural event held every five years in cities around the world selected by the BIE based in Paris.

The UAE government also requested approval to continue using Expo 2020 Dubai as the event's official name.

The BIE said in a statement it would hold a virtual meeting on April 21 to discuss "options for a change of dates".

"The request of the UAE government has been sent following in-depth discussions by the Expo 2020 Dubai steering committee with the organizer and the BIE on the impact of the COVID-19 pandemic," said the statement.

"A final decision on a change of dates can only be made by a two-thirds majority vote of BIE member states."

The Expo following Dubai is due to be held in Osaka, Japan, in 2025.

Dubai organizers last month backed a proposal to postpone the event due to start on Oct. 20 this year and run until April 10 because of the pandemic.

Two-thirds of the BIE’s 170 member states must support the proposal for the dates to be changed. A final decision is expected in June when member states meet.

"Many countries have been significantly impacted by COVID-19 and they have therefore expressed a need to postpone the opening of Expo 2020 Dubai by one year," Expo 2020 Dubai director-general Reem al-Hashimi said in a statement.

"The UAE and Expo 2020 Dubai have listened. And in the spirit of solidarity and unity, we supported the proposal to explore a one-year postponement."

The UAE has reported 1,505 COVID-19 cases and 10 deaths. It has enforced extensive lockdown measures to curb the spread of the disease including an ongoing nighttime curfew.

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S&P Upgrades Lebanon’s Local Credit Rating, Keeps Foreign Debt in Default

A man counts Lebanese pounds at an exchange shop in Beirut, Lebanon, August 20, 2018 (File – AP)
A man counts Lebanese pounds at an exchange shop in Beirut, Lebanon, August 20, 2018 (File – AP)
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S&P Upgrades Lebanon’s Local Credit Rating, Keeps Foreign Debt in Default

A man counts Lebanese pounds at an exchange shop in Beirut, Lebanon, August 20, 2018 (File – AP)
A man counts Lebanese pounds at an exchange shop in Beirut, Lebanon, August 20, 2018 (File – AP)

Standard & Poor’s (S&P) has raised Lebanon’s long-term local currency credit rating to CCC from CC, maintaining a “stable” outlook. However, the agency left the country’s foreign currency rating at Selective Default (SD), underscoring Beirut’s ongoing failure to honor certain obligations.

The upgrade reflects what S&P described as Lebanon’s improved capacity to service domestic commercial debt, supported by fiscal surpluses over the past two years and initial progress on reforms tied to a prospective IMF program. The “selective default” designation refers to a situation where an entity defaults on specific commitments while continuing to meet others.

Lebanon remains among the world’s weakest credit risks. Fitch downgraded the country to Restricted Default (RD) in mid-2024 for both local and foreign currencies before withdrawing its ratings altogether, citing lack of essential financial data. Moody’s still places Lebanon at C, its lowest rating.

Lebanon’s local-currency debt has shrunk dramatically, falling to around 2 percent of GDP - less than $1 billion - by the end of 2024, down from roughly 100 percent before the financial collapse in 2020. This was largely the result of a 98 percent collapse in the Lebanese pound’s value between 2019 and 2024.

Despite the turmoil, the government has maintained payments on local commercial obligations. It resumed interest payments to the central bank in 2024 after a three-year halt and has pledged to start repaying arrears this year.

The government formed in early 2025 under President Joseph Aoun and Prime Minister Nawaf Salam has pushed through several reforms, including a revised banking secrecy law and a bank restructuring bill. However, the crucial “financial gap” law - needed to apportion past losses and protect depositors - remains stalled.

The IMF, following a recent mission to Beirut, stressed that passing this law and approving the 2026 budget are essential. The fund has urged Lebanon to adopt a revenue-boosting and spending-rationalization strategy before further support can be unlocked.

S&P cautioned that major debt restructuring is unlikely before the May 2026 parliamentary elections, five years after Lebanon defaulted on its Eurobonds. The ongoing conflict between Israel and Hezbollah, despite a November 2024 ceasefire, continues to darken economic prospects.

Lebanon’s economy contracted by 6.5 percent in 2024, following smaller declines in 2022 and 2023. In dollar terms, GDP has halved from $55 billion in 2018 to $28 billion last year. S&P projects modest average growth of 2.3 percent in 2025–2026.

Since February 2024, the pound has stabilized around 89,500 to the dollar. Government net debt is expected to fall to 113 percent of GDP by end-2025, down from about 240 percent in 2022, thanks to fiscal gains, currency stability, and inflation-driven nominal growth.