The United Arab Emirates lifted a ban on its citizens visiting Lebanon on Monday...
ABU DHABI - The United Arab Emirates lifted a ban on its citizens visiting Lebanon on Monday as the Beirut government sought UAE help in steering the heavily indebted economy out of deep crisis.
Before the lifting of the travel ban was announced, Hariri said he was “optimistic” after visiting the UAE and meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. He said the UAE would announce any support initiative that may come. “The atmosphere is good,” Hariri said on Twitter.
Faced with one of the world’s highest debt burdens, low growth and crumbling infrastructure, Beirut has vowed to implement long-delayed reforms. It is also seeking to reverse a sharp loss of confidence among foreign investors and depositors who are turning away from the Lebanese pound. Crown Prince Mohammed “stressed during the meeting that the UAE...is keen on supporting its relationships with Lebanon on different levels, and stands by it in all that preserves its security and stability,” the state news agency WAM reported.
Central bank Governor Riad Salameh, also attending the conference, said it was continuing to provide dollars to local financial markets. He added that Lebanon has “numerous possibilities” as it looks for assistance, but it anticipates support from the UAE.Lebanon’s traditionally high reserves of foreign currency have been in decline because capital inflows into its banking system from Lebanese abroad have been slowing.
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