Lebanon: Private Schools in Tough Spot Amid Worsening Economic Crisis

Lebanon: Private Schools in Tough Spot Amid Worsening Economic Crisis
TT

Lebanon: Private Schools in Tough Spot Amid Worsening Economic Crisis

Lebanon: Private Schools in Tough Spot Amid Worsening Economic Crisis

About 750,000 students and 60,000 teachers in private schools face an unknown fate amid a worsening economic crisis, which has been further exacerbated by forced disruption measures to prevent the spread of the coronavirus.

While parents complain that private schools expect them to pay the tuition in full at the risk of not registering their children for the next academic year, the administrations of most schools stressed their inability to maintain work unless the state takes initiatives in this regard.

In remarks to Asharq Al-Awsat, Education Minister Tarek al-Majzoub said: “The economic situation in Lebanon coincided with the coronavirus crisis, which has greatly affected the educational sector.”

He emphasized that parents were facing a dire financial situation, while teachers and administrators should not be left to bear additional burdens.

“It is our duty to work to secure their salaries. Therefore, we held several meetings with all educational partners in order to reach solutions, and a joint statement was signed to ensure the sustainability of education,” he revealed.

He continued: “We are working on several tracks to develop public education in Lebanon because we believe in the public sector and value its efficiency. The doors of public schools are open to everyone. We are working on an educational emergency plan that will see the light soon.”

On the other hand, Secretary-General of Catholic Schools, Father Boutros Azar, told Asharq Al-Awsat that the economic crisis was not something new.

“We have been warning about it since 2012… and we have demanded fair salaries. Today, some parents are unable to pay the tuition fees, while others, who are more privileged, abstain from paying. We have reached a dead end and we cannot continue,” Azar warned, saying that four Catholic schools have closed so far.



Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT

Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the US Federal Reserve's interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal's direction in the coming year.

Spot gold rose 0.2% to $2,619.59 per ounce, as of 0023 GMT.

According to Reuters, bullion has surged approximately 27% so far this year, scaling multiple record highs, fueled by significant Fed rate cuts, including a jumbo reduction in September, and heightened geopolitical uncertainties.

Meanwhile, US gold futures steadied at $2,637.10.

In a holiday-curtailed week, trading volumes will likely thin out as the year-end approaches, and Markets are eyeing jobless claims data due later in the day, while preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Trump returns to the White House in January.

On the geopolitical level, the Palestinian militant group Hamas and Israel traded blame on Wednesday over their failure to conclude a ceasefire agreement despite progress reported by both sides in past days.

Gold is considered a safe investment option during economic and geopolitical turmoil and tends to thrive in a low interest rate environment.