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Thursday, 31 March 2022

Lebanon could soon land IMF funding

Lebanon is inching closer to an agreement with the IMF as it tries to claw its way out of a devastating financial and economic crisis, Bloomberg reports, citing a senior official. The Lebanese government is hoping a visit from an IMF delegation to Beirut this week will end in inking an economic memorandum on measures the country needs to implement for the international lender to disburse up to USD 5 bn in aid. The country is facing runaway inflation and a currency crisis after defaulting on over USD 30 bn worth of debt last year, but authorities are crossing their fingers for a liferaft from the international lender ahead of May elections.

Riyadh + Abu Dhabi want a formal security pact with the US: Saudi Arabia and the UAE are lobbying Washington to sign a formal security treaty that would provide them with military aid, Bloomberg reports. This comes following several fresh attacks on Saudi oil facilities by the Iran-backed Houthi rebel group in Yemen.

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