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"I am the governor who tried, with the means we have, to maintain the system, not to let the system collapse," Riad Salameh claimed amid rumours he would quit.

The country is bracing for another economic crisis after the Lira plummeted in value due to covid-19, which impacted economies across the world.

Turkey announces historic gas discovery in Black Sea

The New Arab Staff & Agencies

Turkey announces historic gas discovery in Black Sea

Turkey revealed that drilling in the Black Sea has led to the discovery of gas reserves.

Kuwait running out of cash to pay government workers

The New Arab Staff & Agencies

Kuwait running out of cash to pay government workers

Kuwaiti lawmakers have stalled annual payments to a sovereign wealth fund as the cash-strapped Gulf state assesses its options.

Peanut traders baffled by Sudan export ban on crop

The New Arab Staff & Agencies

Peanut traders baffled by Sudan export ban on crop

Peanut traders have been left stunned by a sudden decision from the Sudanese trade ministry to ban the export of raw peanuts.

The New Arab Staff & Agencies

Lebanese try to storm energy ministry amid power cuts

Lebanese residents have been hit with severe daily power cuts since late June as an economic and political crisis spirals out of control.

The New Arab Staff

Kuwait bans flights to 31 'high risk' countries

Flights from at least 31 'high risk' countries will no longer be permitted to land in Kuwait, authorities said, as the Gulf state continues to ...

Yousra Samir Imran

Desperate and trapped, Gaza's youth turn to suicide

Amid growing desperation, Gaza is in the grip of a suicide crisis.

The New Arab Staff

Saudi Arabia posts $29 billion losses for second quarter

The kingdom has recorded big losses for the second quarter of 2020.

Oligarchs crashed the economy, Lebanese are paying the price

Nizar Hassan

Oligarchs crashed the economy, Lebanese are paying the price

Comment: Lebanon's oligarchs have avoided taking necessary action, sabotaged IMF negotiations, and are now seeking an impossible solution. All ...

The New Arab Staff

Lebanon Central Bank governor responds to inflated assets accusations

Riad Salameh denied recent accusations of intentionally concealing the central bank's losses, after being charged with "undermining the ...

Saudi officer arrested for patrolling Mecca streets on camel

The New Arab Staff

Saudi officer arrested for patrolling Mecca streets on camel

Saudi police were quick to arrest a security officer for patrolling the streets of Mecca on a camel, videos circulating online showed.

Saudi Arabia considering income tax and asset sales

The New Arab Staff

Saudi Arabia considering income tax and asset sales

Saudi Arabia has suffered from low oil prices and the coronavirus epidemic.

Sudan says to devalue currency amid huge budget <em>deficit</em>

The New Arab Staff & Agencies

Sudan says to devalue currency amid huge budget deficit

Finance Minister Hiba Mohammed said 'urgent measures' were necessary after state revenues dropped by 40 percent.

US 'pressuring Arab states to shun Beirut': Lebanese minister

The New Arab Staff

US 'pressuring Arab states to shun Beirut': Lebanese minister

Amid a worsening economic crisis, Lebanon's government is struggling to find support among its Arab allies.

The New Arab Staff & Agencies

Lebanon looks to China to help in economic crisis

Lebanon's deepening economic crisis has the country seeking help in the Far East.

The New Arab Staff & Agencies

Lebanon's rising power cuts add to economic crisis

Lebanon is experiencing a serious economic crisis offset by power cuts and austerity.

The New Arab Staff

Iran currency tumbles to new low against dollar

The latest dip has prompted Iran's central bank to inject millions of dollars into the market, in a bid to stabilise the diminishing currency.

The New Arab Staff

Kuwait general reserves plummet by third after coronavirus lockdowns

Low oil prices and coronavirus lockdowns have forced the Kuwaiti government to tap into reserves.

What defunding police can mean for US foreign policy

Stuart Schrader

What defunding police can mean for US foreign policy

Comment: Given the increasingly apparent entanglements between overseas war and domestic policing, defunding police could be the foundation for ...

The New Arab Staff

Kuwait mulls cutting subsidies as deficit predictions worsen

The plan to cut subsidies would see an increase in the cost of key utilities, including electricity, water and fuel, by up to 30 per cent, local ...

IMF cuts Saudi forecast as oil, virus hit economy

The New Arab Staff & Agencies

IMF cuts Saudi forecast as oil, virus hit economy

The new projection for the Saudi economy, the largest in the region, is a massive 4.5 percentage points lower than what the IMF had projected ...

Palestinians face uncertainty amid crashing economy and Israeli annexation

Ibrahim Husseini

Palestinians face uncertainty amid crashing economy and Israeli annexation

Two pressing issues dominate the conversation among Palestinians - a struggling economy and Israel's anticipated annexation.

Saudi wealth fund 'shopping spree' disguises economic pain

The New Arab Staff & Agencies

Saudi wealth fund 'shopping spree' disguises economic pain

Amid its worst economic crisis in decades, the seemingly contradictory state policy to splurge billions on overseas assets is raising eyebrows.

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