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The Lebanese Republic Global Medium Term Note Program
U.S. $13,500,000,000 The Lebanese Republic Global Medium Term Note Program Under this U.S. $13,500,000,000 Global Medium Term Note Program (the "Program"), the Lebanese Republic (the "Republic") may, from time to time, subject to compliance with all relevant laws, regulations and directives, issue notes in either bearer or registered form (the "Notes"). The maximum aggregate principal amount of all Notes from time to time outstanding under the Program will not exceed U.S. $13,500,000,000 (or its equivalent in other currencies determined at the time of the agreement to issue), subject to any duly authorized increase. The Notes may be denominated in U.S. Dollars, euro and such other currencies as may be agreed between the Republic and the relevant Dealers (as defined below). The Notes will have maturities of not less than three months nor more than 30 years and will bear interest on a fixed or floating rate basis. Attention is drawn to the limitations and qualifications regarding the description of the economic situation in the Republic appearing on page 8 of this Offering Circular. This Offering Circular supersedes all prior Offering Circulars relating to the Program. Any Notes to be issued after the date hereof under the Program are issued subject to the provisions set out herein. This does not affect any Notes issued prior to the date hereof. The Notes may be issued on a continuing basis to the Dealers and any additional Dealer(s) appointed under the Program from time to time pursuant to the terms of a Program Agreement dated March 8, 1999 (as the same may be amended from time to time, the "Program Agreement"), which appointment may be for a specific issue or on an ongoing basis (each, a "Dealer" and, together, the "Dealers"). -
BUILDING a BETTER LEB NON
June30 2021 BUILDING a BETTER LEB NON Report SPONSORED BY KNOWLEDGE PARTNERS Executive Summary Lebanon is reeling from a compound balance-sheet crisis that the World Bank has described as the country’s worst since the 1850s. This once-in-a-century disaster was precipitated by the final breakdown of an economy akin to a Ponzi scheme, in which political elites enriched themselves with financial inflows to the country’s banking system while neglecting national development priorities. The breakdown in public trust in the government was on spectacular display during the political upheaval of the October 2019 “revolution,” which unsuccessfully called for the replacement of political leaders. As COVID-19 seeped into the country and lockdowns precipitated a recession, the crumbling superstructure of Lebanon’s political economy was violently exposed by the August 2020 Beirut port explosion, as authorities abdicated their role in the repair and restoration of this critical economic lifeline. Now with every month of inaction and political deadlock, a snowballing balance of payments, financial, currency, and economic crisis threatens to derail Lebanon’s development and erase gains in living standards for the population. This dire economic situation will take decades to repair, with more than 55 percent of the population already in poverty, and an unemployment rate that has skyrocketed to 40 percent. Women’s labor force participation has fallen to a dismal 23 percent and is expected to decrease further. Unemployed and skilled youth are fleeing the country, contributing to an already acute brain drain that will cause permanent damage to the country’s productivity. Adding to Lebanon’s economic woes is yet another demographic challenge: hosting the highest per capita refugee population worldwide. -
Foreign Currency Exchange Service Instructions and Enrollment Form
Foreign Currency Exchange Service Instructions and Enrollment Form Company Name: Amount Number: Company Number: LT Number: ➊ Payment Instructions Check the box to receive your payment in connection with the transaction associated with the enclosed Letter of Transmittal in a foreign currency (not in U.S. dollars). Note: The Foreign Currency Exchange Service does not apply to any other types of payments (for example, dividends) issued by the above company (the “Company”), any other company, or American Stock Transfer & Trust Company, LLC (“AST”). ➋ Requested Currency for Payment Refer to the Foreign Currency Codes listed on the enclosed “Foreign Currency Exchange Service” section, and enter the three-letter code of your preferred payment. If the currency you selected is not allowed for the country, or if there are any legal restrictions within the country where your bank is located, we will be unable to enroll you for the Foreign Currency Exchange Service. Please contact your local bank with any questions. ➌ Contact Information Clearly print your email address and phone numbers where you can be reached regarding your enrollment. ➍ Indicate if you wish to receive your proceeds in the form of a check (mailed to the address above), or in the form of a wire transfer. ➎ Sign the Authorization and Return this form along with your Letter of Transmittal Print and sign your name exactly as it appears on your account, and exactly as signed on the Letter of Transmittal. If more than one name is listed, all parties must sign. Your signature authorizes the action and agrees to the terms and conditions detailed in the Foreign Currency Exchange Service Agreement Foreign Currency Exchange Service Enrollment Form ➊ Payment Instructions I wish to receive my payment in foreign currency (non-USD). -
Crisis in Lebanon: Anatomy of a Financial Collapse
Crisis in Lebanon Anatomy of a Financial Collapse James Rickards August 2020 FOUNDATION FOR DEFENSE OF DEMOCRACIES FOUNDATION Crisis in Lebanon Anatomy of a Financial Collapse James Rickards August 2020 FDD PRESS A division of the FOUNDATION FOR DEFENSE OF DEMOCRACIES Washington, DC Crisis in Lebanon: Anatomy of a Financial Collapse Table of Contents FOREWORD ......................................................................................................................................... 4 INTRODUCTION ................................................................................................................................ 6 LEBANON’S UNRAVELING ............................................................................................................... 8 BANQUE DU LIBAN – THE CENTRAL BANK OF LEBANON ..................................................... 9 LEBANESE COMMERCIAL BANKS .................................................................................................. 12 THE NONVIABLE BANKS .................................................................................................................. 14 THE VIABLE BANKS ........................................................................................................................... 17 EUROBONDS AND EXTERNAL DEBT ............................................................................................ 20 GOLD .................................................................................................................................................... -
Mutual Evaluation of the Kingdom of Saudi Arabia
Anti-money laundering and counter-terrorist financing measures financing counter-terrorist and laundering Anti-money Anti-money laundering and counter-terrorist financing measures Kingdom of Saudi Arabia Mutual Evaluation Report Arabia Saudi September 2018 The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CTF) standard. For more information about the FATF, please visit the website: www.fatf-gafi.org. For more information about MENAFATF, please visit the website: www.menafatf.org This document and/or any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. This assessment was adopted at the joint FATF-MENAFATF Plenary meeting in June 2018. Citing reference: FATF-MENAFATF (2018), Anti-money laundering and counter-terrorist financing measures – Saudi- Arabia, Fourth Round Mutual Evaluation Report, FATF, Paris http://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-saudi-arabia- 2018.html © 2018 FATF-MENAFATF. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax: +33 1 44 30 61 37 or e-mail: [email protected]).