France Says Lebanon Must Elect New Head of State Soon

Lebanese Parliament Speaker Nabih Berri heads the first session to elect a new president at the parliament building in Beirut, Lebanon September 29, 2022. REUTERS/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri heads the first session to elect a new president at the parliament building in Beirut, Lebanon September 29, 2022. REUTERS/Mohamed Azakir
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France Says Lebanon Must Elect New Head of State Soon

Lebanese Parliament Speaker Nabih Berri heads the first session to elect a new president at the parliament building in Beirut, Lebanon September 29, 2022. REUTERS/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri heads the first session to elect a new president at the parliament building in Beirut, Lebanon September 29, 2022. REUTERS/Mohamed Azakir

France's foreign ministry has said it is important that Lebanon elects a new head of state before Oct. 31, when President Michel Aoun's term ends.

The Lebanese parliament failed to do so on Thursday, signaling the likelihood of the post being left vacant as the country grapples with a financial crisis, Reuters said.

"Lebanese leaders must rise to the occasion, which requires getting together and implementing the necessary measures to end the crisis," a French foreign ministry spokesperson said late on Friday.



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.