Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 08BEIRUT1798, LEBANON: CENTRAL BANK GOVERNOR PROJECTS HIGHER DEFICIT AND

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08BEIRUT1798.
Reference ID Created Released Classification Origin
08BEIRUT1798 2008-12-30 10:11 2011-08-24 16:30 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Beirut
VZCZCXRO6742
RR RUEHAG RUEHBC RUEHDE RUEHDF RUEHIK RUEHKUK RUEHLZ RUEHROV RUEHSR
DE RUEHLB #1798/01 3651011
ZNR UUUUU ZZH
R 301011Z DEC 08
FM AMEMBASSY BEIRUT
TO RUEHC/SECSTATE WASHDC 3867
INFO RUEHEE/ARAB LEAGUE COLLECTIVE
RUCNMEM/EU MEMBER STATES COLLECTIVE
RHEHAAA/NSC WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/USDOC WASHDC
UNCLAS SECTION 01 OF 02 BEIRUT 001798 
 
SENSITIVE 
 
SIPDIS 
 
STATE FOR NEA/ELA 
STATE PASS USTR FRANCESCKI 
STATE PASS USAID BEVER/LAUDATO/SCOTT 
TREASURY FOR MNUGENT AND SBLEIWEISS 
USDOC FOR 4520/ITA/MAC/ONE 
NSC FOR ABRAMS/RAMCHAND/YERGER/MCDERMOTT 
 
E.O. 12958: N/A 
TAGS: ECON EFIN PREL PGOV LE
SUBJECT: LEBANON:  CENTRAL BANK GOVERNOR PROJECTS HIGHER DEFICIT AND 
INFLATION IN 2009 (ECONOMIC WEEK IN REVIEW, DECEMBER 22 - 24, 2008) 
 
CONTENTS 
-------- 
 
-- CENTRAL BANK GOVERNOR PROJECTS HIGHER DEFICIT AND INFLATION IN 
2009 
-- ECONOMIC ACTIVITY UP DURING END OF YEAR HOLIDAYS; REAL ESTATE 
MARKET UNAFFECTED BY GLOBAL CRISIS 
-- FINANCE MINISTER SIGNS $85 MILLION SOFT LOAN FROM ARAB MONETARY 
FUND 
-- WORLD BANK: REAL SECTOR WILL BE HIT BY GLOBAL CRISIS, GDP TO 
DECREASE IN 2009 
-- AUCTION FOR CELLULAR VANITY NUMBERS RAISES OVER $700,000 
-- MOODY'S REVISES OUTLOOK OF FOUR LEBANESE BANKS 
 
 
CENTRAL BANK GOVERNOR PROJECTS HIGHER 
DEFICIT AND INFLATION IN 2009 
-------------------- 
 
1. (U) In a televised interview on December 21, Central Bank of 
Lebanon (CBL) Governor Riad Salameh said the deficit will reach 
$2.66 billion in 2009, and will further grow by ten percent as a 
result of the recently approved salary increases in the public 
sector.  He also indicated that inflation will be higher than 
projected earlier (six percent), and will range between eight and 
ten percent, due to higher liquidity in the market resulting from 
salary increases and the drop in oil prices.  However, Salameh said 
the CBL has record high foreign currency assets (excluding gold) 
exceeding $19 billion, and the CBL is buying dollars from the market 
daily, thus increasing its ability to maintain a stable local 
currency.  He also noted that surplus in subscriptions in Treasury 
Bills and sovereign paper will enable the GOL to cover maturities in 
2009. 
 
ECONOMIC ACTIVITY UP DURING END OF YEAR HOLIDAYS; 
REAL ESTATE MARKET UNAFFECTED BY GLOBAL CRISIS 
-------------------- 
 
2. (U) On December 22, economic editorialist in moderate anti-Syrian 
An-Nahar Sabine Oueiss reported that for the first time since 2005, 
economic indicators showed increased economic activity in December 
2008 due to the end of year holiday season.  Flight bookings to 
Lebanon from all destinations are full.  Hotel occupancy reached a 
record 100 percent in Beirut during the end of December, according 
to Tourism Ministry Director General Nada Sardouk, and recorded an 
average of 70-90 percent all over Lebanon, Oueiss said.  Commercial 
activity has also picked up with an estimated increase in sales of 
40 percent.  PM Siniora recently estimated that growth could reach 
seven percent in 2008, Oueiss noted. 
 
3. (U) Meanwhile, Oueiss said the local real estate market will not 
be affected by the global crisis at the present time, because demand 
continues to exceed supply and prices have not dropped, according to 
real estate experts.  Prices of apartments rose by 40 percent in the 
first half of 2008, following an annual increase of 30 percent over 
the last three years, the report indicated, adding that experts 
consider prices to be currently in a correction phase, anticipating 
a drop in apartments' prices between ten and 20 percent due to the 
drop in the prices of construction materials and the Euro. 
Moreover, the report indicated that the increase in demand from the 
Lebanese Diaspora for property acquisition, which comprises 80 
percent of total demand, versus a drop in demand from Gulf 
investors, has maintained real estate market stability as Gulf 
investors may pull out from the market due to a liquidity squeeze. 
 
FINANCE MINISTER SIGNS $85 MILLION 
SOFT LOAN FROM ARAB MONETARY FUND 
-------------------- 
 
4. (SBU) On December 22, Minister of Finance (MOF) Mohammad Chatah 
and Arab Monetary Fund (AMF) President Jassem Al-Manaai signed an 
$85 million soft loan under a budgetary support to help countries 
importing oil scheme, MOF senior economic officer Huda Saigh told 
us.  This assistance is part of AMF's Paris III pledges to provide 
Lebanon with $150 million in loans for budgetary support.  Last 
year, the MOF signed a 
$32 million loan agreement with the AMF for structural adjustment 
and fiscal reforms, and a $43 million loan for risk mitigation and 
accounting project with the Central Bank.  All these loans need to 
 
BEIRUT 00001798  002 OF 002 
 
 
be approved by Parliament. 
 
5. (SBU) According to Saigh, this is the first time that the AMF is 
extending budgetary support under this scheme to Lebanon.  She noted 
that Lebanon continues to benefit from revolving credit lines for 
fuel imports under AMF's Arab Trade Financing Program.  The AMF also 
pledged a $100 million loan for private sector support at Paris III, 
which has been entirely disbursed, Saigh said. 
 
WORLD BANK: REAL SECTOR WILL BE HIT BY GLOBAL 
CRISIS, GDP TO DECREASE IN 2009 
-------------------- 
 
6. (U) According to the World Bank's (WB) latest Global Economic 
Prospects 2009 report, Lebanon's real sector (industry, trade) is 
expected to be affected by the repercussions of the global financial 
crisis.  This comes in contrast to the banking sector, which has 
still not displayed signs of contagion.  The real economic slowdown 
will lead to a drop in Lebanon's GDP from 5.5 percent in 2008, to 
four percent in 2009. 
 
AUCTION FOR CELLULAR VANITY 
NUMBERS RAISES OVER $700,000 
-------------------- 
 
7. (U) On December 22, Alfa, the cellular company currently managed 
by the Ministry of Telecommunications (MOT), raised $710,000 from 
the auction of 50 vanity numbers, bringing additional revenues to 
the Treasury.  Last October, the MOT collected $2.5 million from the 
auction of 30 vanity numbers.  Minister of Telecommunications Gebran 
Bassil restated the MOT's intention to use the revenues from the 
first auction to improve the network, saying that the signing of 
contracts for this purpose are about to be signed, and work will 
start at the beginning of next year, Bassil said. 
 
MOODY'S REVISES OUTLOOK 
OF FOUR LEBANESE BANKS 
-------------------- 
 
8. (U) Moody's Investors Service revised the outlook to positive 
from stable on the B3 long-term foreign currency deposit rating of 
Byblos Bank, BLOM Bank, Bank Audi, and Bank of Beirut.  This comes 
days after Moody's raised its outlook on Lebanon's sovereign ratings 
to positive from stable. 
 
SISON