Bukhari Hopes The Lebanese Will Prioritize National Interest to Regain Stability

Saudi Ambassador Walid al-Bukhari during his meeting with Maronite Patriarch Beshara al-Rai in Bkerki on Friday (NNA).
Saudi Ambassador Walid al-Bukhari during his meeting with Maronite Patriarch Beshara al-Rai in Bkerki on Friday (NNA).
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Bukhari Hopes The Lebanese Will Prioritize National Interest to Regain Stability

Saudi Ambassador Walid al-Bukhari during his meeting with Maronite Patriarch Beshara al-Rai in Bkerki on Friday (NNA).
Saudi Ambassador Walid al-Bukhari during his meeting with Maronite Patriarch Beshara al-Rai in Bkerki on Friday (NNA).

Saudi Arabia’s Ambassador to Lebanon Walid al-Bukhari said he hoped the Lebanese would prioritize national interests to restore stability in the country.

Following a meeting with Maronite Patriarch Beshara al-Rai on Friday in Bkerki, the Saudi ambassador stressed that discussions were underway to resolve the reasons that forced the Kingdom to halt Lebanese imports.

Al-Bukhari underlined the importance of “putting the interests of Lebanon above all personal considerations that prevent finding effective solutions to restore stability, security and prosperity to the country.”

He also valued the role of the Patriarch and his “tireless efforts for the sake of Lebanon.”

For his part, Al-Rai called for the need to maintain good relations with Saudi Arabia and wished that the Kingdom would review its decision to halt the import of agricultural products from Lebanon.

The Saudi ambassador replied by saying that efforts were underway to overcome the reasons that led to this decision, expressing hope that the matter would be quickly resolved.



World Bank Looking to Free up Emergency Funds for Lebanon, Managing Director Says

 A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
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World Bank Looking to Free up Emergency Funds for Lebanon, Managing Director Says

 A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)
A plume of smoke billows following an Israeli air strike on the village of Khiam in southern Lebanon near the border with Israel on October 7, 2024. (AFP)

The World Bank is looking to free up emergency funds for Lebanon, potentially including up to $100 million through the use of special clauses in existing loan deals, its managing director of operations told Reuters.

The Washington-based development lender currently has $1.65 billion in loans to the country including a $250 million loan approved this week to help connect dispersed renewable energy projects in the country.

Amid fighting across southern Lebanon, the bank was currently discussing ways in which it could help support the economy, including through the use of so-called Contingent Emergency Response Component (CERCs) clauses.

"We can use our existing portfolio and free up some money for really critical, short-term liquidity needs," Anna Bjerde said.

CERCs are present in around 600 of the bank's existing projects, globally, and allow it to redirect funds that have yet to be disbursed, if requested to by a government, for example after a health or natural disaster, or during conflict.

Lebanon has yet to make such a request, Bjerde said.

After a year of exchanges of fire between Hezbollah and Israel mostly limited to the frontier region, the conflict has significantly escalated in Lebanon.

Hezbollah fired rockets at Israel's third largest city Haifa on Monday, while Israeli forces looked poised to expand ground raids into south Lebanon on the first anniversary of the Gaza war, which has spread conflict across the Middle East.

Lebanon's government could choose to use an existing social protection program that was put in place during the COVID-19 pandemic that allows for financial support to be sent to individuals, Bjerde said.

"It has the benefit of being totally digital so you can reach people, plus it can be verified a bit... so we will also probably use that to top up the social safety net for those that are particularly affected."

Up to 1 million people have been internally displaced in the country, she added: "So it's important we focus on that".

Lebanon's finance ministry and economy ministry did not immediately respond when asked for comment.