Lebanon's Berri Calls For Declaring State of Financial Emergency

Lebanese Parliament Speaker Nabih Berri is seen at the presidential palace in Baabda, Lebanon, November 6, 2017. Dalati Nohra/Handout via REUTERS
Lebanese Parliament Speaker Nabih Berri is seen at the presidential palace in Baabda, Lebanon, November 6, 2017. Dalati Nohra/Handout via REUTERS
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Lebanon's Berri Calls For Declaring State of Financial Emergency

Lebanese Parliament Speaker Nabih Berri is seen at the presidential palace in Baabda, Lebanon, November 6, 2017. Dalati Nohra/Handout via REUTERS
Lebanese Parliament Speaker Nabih Berri is seen at the presidential palace in Baabda, Lebanon, November 6, 2017. Dalati Nohra/Handout via REUTERS

Lebanon’s Speaker Nabih Berri affirmed Wednesday the necessity to declare a state of financial emergency amid the drastic plunge of the local currency's value.

"The collapse of the Lebanese Pound's exchange rate versus the US dollar, in a suspicious and coordinated way, entails the government, the central bank and the Association of Banks in Lebanon to declare a state of financial emergency and reconsider all the procedures that have been taken to protect the local currency," Berri said.

He explained that it was no longer acceptable that the Lebanese remain hostages to the black markets.

Berri's remarks came during an urgent meeting for Amal Movement's senior-ranking officials.

Early this month, Lebanon’s central bank decided to inject US dollars in the local economy in a bid to curb the local currency’s free-fall by supporting basic goods and meeting the demands of citizens.

However, this mechanism set by the central bank failed to decrease the exchange rate of the Lebanese pound and led to an additional spike of the US dollar on the black market.

On Wednesday, Lebanon's pound currency fell to new lows, trading above 6,500 to the dollar on a parallel market.

The Speaker considered that Lebanon was facing "an existential challenge," and that salvation lied within the collaboration and dialogue among all the political forces.

He also said that he feared the current scene was similar to that in 1982.

"I do not hide my concern that we are witnessing a similar juncture with the aim of bringing Lebanon down and invading the country with different weapons," Berri warned.

On the US Caesar Act, the Speaker said: "Our principal position in Amal Movement from this legislation is that of the ally who's loyal to those who stood by Lebanon and its Resistance."



Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiatives

Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
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Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiatives

Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
Saudi and German flags fluttering - File Photo/Asharq Al-Awsat

A senior German official affirmed his country’s commitment to strengthening cooperation with Saudi Arabia across various fields, noting that bilateral trade relations continue to grow steadily, with trade volume reaching around 7 billion Euros.

Speaking to Asharq Al-Awsat, German Ambassador to Saudi Arabia Michael Kindsgrab said: “The sectors driving this growth—chemicals, machinery, and transport—reflect the strong industrial connections we share. These are areas where German expertise is making a real difference in Saudi Arabia’s development.”

He added: “Looking ahead, there is much to be excited about. Expo 2030 is an incredible opportunity for us to further deepen our collaboration, showcase the best of what both Saudi Arabia and Germany have to offer, and inspire future generations to continue building on this remarkable partnership.”

German Ambassador to Saudi Arabia Michael Kindsgrab - Asharq Al-Awsat

Renewable Energy

On climate cooperation, the official said: “As for climate cooperation, we have just launched a relevant study on the Saudi labor market in the renewable energy sector, which was reviewed by the National Labor Observatory and discussed with experts of KAPSARC, KaCare and PSU. This is a great example of our close and meaningful partnership, tackling the challenges of today with an eye on the future.”

Blossoming Relations

Kindsgrab noted that Saudi-German relations are truly blossoming, saying: "I am proud to see our partnership becoming deeper and stronger across so many areas. From a personal perspective, it is inspiring to witness the growing bonds between our two countries. These ties span a wide range of sectors, including energy, transport, architecture, health, education and culture—creating a solid foundation for the future.”

“One of the most exciting aspects of our cooperation is in the area of energy transition. German innovation is at the heart of NEOM’s green hydrogen projects, with Thyssenkrupp Nucera playing a key technological role in making the vision of decarbonization of industry a reality,” he affirmed.

“Beyond energy, we’re also seeing significant progress in transport, where Siemens’ delivery of metro wagons helped to shape the modern infrastructure of Saudi cities. And let’s not forget the impact of German architecture in megaprojects such as King Salman Park or the design of Expo 2030, which I believe will be a landmark event for both our countries, ” added Kindsgrab.

“In the health sector, the collaboration with Charité in Berlin is another example of how our nations are working together to improve lives.”

Accelerated Cultural Cooperation

“And now, I am particularly excited to see the acceleration of cultural cooperation, such as the recently launched museum initiative between the Saudi Museums Commission and the Prussian Cultural Heritage Foundation of Germany,” the German ambassador stressed.

“This cooperation emerged as part of our shared efforts to strengthen people-to-people ties and will play an enriching role for the cultural relations, as it includes a loan program for artworks, joint curatorship and training programs to support talent development,” he concluded.