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Lebanon’s Minister of Energy Heads to Damascus to Discuss Technical Files

Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
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Lebanon’s Minister of Energy Heads to Damascus to Discuss Technical Files

Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)

Lebanese caretaker Energy Minister Walid Fayyad headed to Damascus on Monday for a two-day visit to discuss files mainly related to water resources.

Lebanon and Syria are bound by agreements regarding the Orontes River, which arises in eastern Lebanon, flows to Syria and continues into Türkiye. The flooding of the river last year caused major damage to the agricultural fields in Akkar, northern Lebanon.

In a statement, the Ministry of Energy said Fayyad will hold talks with Syrian Minister of Water Resources Hussein Makhlouf with whom he will co-chair a meeting of the Lebanese-Syrian Joint Committee for the Water Sector, in the presence of Secretary General of the Syrian-Lebanese Supreme Council Nasri Khoury.

The two sides will discuss periodic follow-ups of the mechanisms for implementing the Orontes River and the Nahr al-Kabir (Great River) agreements, and ways to preserve the environment of the shared basins and guarantee sustainable and fair investments.

Fayyad and his Syrian counterpart will also touch on cooperation to limit the flooding of the Nahr al-Kabir on the agricultural plains in Akkar, as well as efforts to face the problems of displacement and future projects related to sanitation and irrigation.

On the sidelines of the visit, Fayyad will meet with Syrian Oil Minister Firas Qaddour and Syrian Minister of Electricity Engineer Ghassan Al-Zamil to discuss issues of common interest, according to the ministry’s statement.

A few weeks ago, Fayyad announced his intention to visit Damascus to follow up on issues related to rivers, pledging to improve the operation of the Al-Bared hydroelectric power plant, and to clean the course of the large river.

He also talked about a $5 million funding from the United Nations Development Program (UNDP), which will be used to clean the course of the Grand River and increase turbines for the hydroelectric power plant in Nahr al-Bared.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.