CABINET APPROVES POLICY PROGRAMME

Lebanon’s Cabinet yesterday approved a policy programme that aims to tackle one of the worst financial meltdowns in history. Prime Minister Najib Mikati’s government met at the presidential palace to agree the proposal, which will now be sent to parliament for a vote of confidence. The draft document includes a resumption of negotiations with the International Monetary Fund and a restructuring of the banking sector.

The Lebanese pound significantly strengthened against the dollar in the past week since the government was formed, selling at around 13,800 to the US dollar yesterday at the street rate after having reached 23,000 to the dollar last month.