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 09BEIRUT398, LEBANON: ARAB ECONOMIC FORUM FOCUSES ON LEBANON'S

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. #09BEIRUT398.
Reference ID Created Released Classification Origin
09BEIRUT398 2009-04-06 11:38 2011-08-24 16:30 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Beirut
VZCZCXRO0394
RR RUEHAG RUEHBC RUEHDE RUEHDF RUEHIK RUEHKUK RUEHLZ RUEHROV RUEHSR
DE RUEHLB #0398/01 0961138
ZNR UUUUU ZZH
R 061138Z APR 09
FM AMEMBASSY BEIRUT
TO RUEHC/SECSTATE WASHDC 4597
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 000398 
 
SENSITIVE 
 
SIPDIS 
 
STATE FOR NEA/ELA AND EEB/IFD/ODF 
STATE PASS USTR FRANCESCKI 
STATE PASS USAID LAUDATO/SCOTT 
TREASURY FOR PARODI/BLEIWEISS/CORREA 
USDOC FOR 4520/ITA/MAC/ONE 
NSC FOR MCDERMOTT 
 
E.O. 12958: N/A 
TAGS: ECON EFIN PGOV LE
SUBJECT: LEBANON: ARAB ECONOMIC FORUM FOCUSES ON LEBANON'S 
RESILIENCE (ECONOMIC WEEK IN REVIEW, MARCH 30 - APRIL 5, 2009) 
 
CONTENTS 
-------- 
 
-- ARAB ECONOMIC FORUM FOCUSES ON GLOBAL CRISIS, 
LEBANON'S ECONOMIC RESILIENCE 
-- ACTIVITY AGAINST MONEY LAUNDERING AND TERROR FINANCE INCREASES IN 
2008 
-- S&P: LEBANON MOST AT RISK IN MENA REGION FROM DROP IN 
REMITTANCES 
-- WORLD BANK REVISES ITS PROJECTION FOR 2009 MENA REMITTANCES 
INLFOWS 
-- MOODY'S UPGRADES LEBANON'S BOND RATINGS, BUT REMAINS CAUTIOUS 
-- DELTA AIRLINES TO OPEN FIRST OFFICE IN LEBANON 
 
 
ARAB ECONOMIC FORUM FOCUSES ON GLOBAL CRISIS, 
LEBANON'S ECONOMIC RESILIENCE 
-------------------- 
 
1. (U) On April 2, the 17th annual Arab Economic Forum opened in 
Beirut.  Speakers included PM Siniora, Future Party Leader Saad 
Hariri, Central Bank Governor Riad Salameh, and several prominent 
business and financial figures.  Their remarks focused on the 
repercussions of the global economic crisis in the Arab region, the 
need for increased inter-Arab economic cooperation, economic reform, 
and reviving efforts to establish an Arab Common Market.  Chairman 
of the Association of Banks in Lebanon (ABL) Francois Bassil noted 
that while Arab oil-exporting countries could rely on their 
governments to help them face the crisis, the rest of the Arab 
world, including Lebanon, needed to rely on the private sector to 
boost economic growth and attract investment. 
 
2. (U) All speakers agreed that Lebanon has not yet been affected by 
the crisis.  Central Bank of Lebanon (CBL) Governor Riad Salameh 
noted that CBL foreign currency assets reached over $21 billion 
(excluding gold reserves and other assets), which is a source of 
confidence, ensuring the stability of the Lebanese pound and 
interest rates.  Salameh expected economic growth of around four 
percent in 2009, an increase in bank deposits of between seven and 
ten percent, and inflation under four percent.  Dollarization of 
deposits is also expected to decline further from its current rate 
of 68%. 
 
ACTIVITY AGAINST MONEY LAUNDERING AND 
TERROR FINANCE INCREASES IN 2008 
-------------------- 
 
3. (SBU) Ibrahim Homsy, Senior Director at the Special Investigation 
Commission (SIC) fighting money laundering and terrorism finance, 
Lebanon's financial intelligence unit, told us April 3 that the SIC 
received 226 cases for investigation and inquiry in 2008, of which 
11 cases originated from USG requests covering suspected money 
laundering operations and terrorism finance.  Out of the 226 cases 
received, the SIC investigated 201 cases, transferring 67 of them to 
the judicial authorities.  In 2007, the SIC investigated 191 cases 
of money laundering and illegal financial activities, Homsy said. 
The SIC will post its 2008 annual report on www.sic.gov.lb 
 
S&P: LEBANON MOST AT RISK IN MENA REGION 
FROM DROP IN REMITTANCES 
-------------------- 
 
4. (U) In a March 30 report, Standard & Poor's (S&P) said that a 
significant decline in expatriates' remittances to Lebanon would 
hurt its current account balance more than that of other 
remittance-dependent economies in the MENA region.  S&P noted 
remittances account for 27% of Lebanon's current account receipts, 
the highest such share in the region.  While S&P did not predict how 
big a decline in remittances MENA countries would face, it presented 
various scenarios and outlined their consequences on the 
remittance-dependent economies.  Under its base-case scenario, S&P 
said a decline of between 5% and 10% in remittance inflows to 
Lebanon in 2009 would result in a current account deficit of 10% of 
GDP.  The report's stress tests indicate that a 50% contraction in 
remittance inflows would result in a current account deficit of 19% 
of GDP for 2009, the largest such deterioration in the MENA region. 
S&P noted that its credit ratings on Lebanon already incorporate its 
assessment of the country's precarious external balances. 
 
 
BEIRUT 00000398  002 OF 002 
 
 
WORLD BANK REVISES ITS PROJECTION 
FOR 2009 MENA REMITTANCES INLFOWS 
-------------------- 
 
5. (U) In parallel, the World Bank (WB) revised its 2009 projections 
for remittance inflows to the MENA region, with inflows contracting 
by 1.4% in a base-case scenario and by 5.2% in a worst-case 
scenario, compared to previous forecasts of 6.7% and 13.2%.  The WB 
attributed the revised forecasts to expectations that remittances 
from Gulf Cooperation Council (GCC) countries would show a smaller 
economic decline of 3%, compared to its previous estimate of a 9% 
contraction.  Many GCC countries are following a long-term 
infrastructure development strategy funded from accumulated reserves 
and are unlikely to low down infrastructure spending and lay off 
migant workers in large numbers.  Although there are n official 
estimates, anecdotal evidence suggests that around 300,000 Lebanese 
work in GCC countries. 
 
MOODY'S UPGRADES LEBANON'S BOND 
RATINGS, BUT REMAINS CAUTIOUS 
-------------------- 
 
6. (U) Moody's Investor Service upgraded Lebanon's local and foreign 
government bond rating to B2 from B3, foreign currency bank deposits 
to B2 from B3, and foreign currency bonds to B1 from B2.  According 
to Moody's, these upgrades come after the substantial improvement in 
external liquidity, the proven resilience of public finances towards 
shocks, and the willingness and ability of Lebanon's banking system 
to finance the country's debt.  However, Moody's is still cautious 
about the fragility and the vulnerability of the Lebanese political 
and economic situation, which continue to limit the possibility of a 
substantial improvement in credit ratings for Lebanon. 
 
DELTA AIRLINES WILL OPEN ITS 
FIRST OFFICE IN LEBANON 
-------------------- 
 
7. (SBU) Delta Airlines will open its first office in Lebanon on 
April 27.  Robert Nakhl, General Manager of Delta Airlines in 
Lebanon, told Commercial staff on April 3 that the volume of travel 
between Lebanon and the U.S. is estimated at $41 million each year. 
Delta Airlines will be competing in the Lebanese market with United, 
Continental, and American Airlines, all of which already have a 
presence in Lebanon. 
 
SISON