Lebanon

As Lebanon endures one of its worst financial and economic crises ever, the UN estimates that over the next eight months around $300 million is needed to provide vital aid to around 1.5 million Lebanese and 400,000 migrant workers living there.

Lebanon is enduring a severe and prolonged economic depression. According to the latest World Bank Lebanon Economic Monitor (LEM) released today, the economic and financial crisis is likely to rank in the top 10, possibly top 3, most severe crises episodes globally since the mid-nineteenth century.

Rockets were fired from Lebanon towards Israel on Wednesday, prompting Israel to launch artillery strikes at targets in Lebanon. It was the third time rockets had been fired from Lebanon toward Israel since clashes between Israel and Palestinians militants erupted earlier this month. However, experts do not expect Hezbollah, the militant group that dominates power in Lebanon, to take actions to further increase regional tensions.

Wehbe asks Lebanese President to be relieved of his duties following his comments that Gulf states had supported rise of Islamic State.

Lebanon and Israel resumed U.S.-mediated talks on Tuesday over a dispute about their Mediterranean Sea border that has held up hydrocarbon exploration in the potentially gas-rich area, an official Lebanese source said.

Under Secretary of State says political deadlock is culmination of decades of mismanagement, corruption and failure of Lebanese leaders to put country’s interests first.

Lebanon’s influential parliamentary speaker Nabih Berri says the country will sink like the Titanic if it is not able to form a government as he opened a session to approve emergency funds to literally keep the lights on for two more months.

Lebanon’s financial crisis intensified on Monday after Prime Minister-designate Saad al-Hariri publicly repudiated President Michel Aoun, saying the latter wanted to dictate cabinet membership and grant veto powers on policy to his political allies.

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President Michel Aoun tells PM-designate Saad Hariri either to step down or form a government as soon as possible to tackle the country’s economic woes.

The current all-time low of the Lebanese currency — known as the pound or the lira — has riled people all over the country. They have been pouring into the streets for more than a week now, taking the country to the brink of a revolution.