Fuel prices edge down as IMF negotiations begin
Petrol, diesel and gold prices fell slightly in the latest pricing round, while the price of a gas cylinder rose by about 30,000 liras. In Beirut, Lebanon's negotiations with an International Monetary Fund mission opened, with Finance Minister Yassine Jaber expressing hope for a preliminary agreement this week and describing the financial gap law as a key entry point to addressing the banking crisis. Households are watching a legislative session on Thursday that will take up a $100 million additional allocation for electricity and an extension of the rent law. In the background, the economy minister says about 30 percent of the population lives below the poverty line, while debate continues over raising the minimum wage to $1,400.
Fuel slips, cooking gas rises
A canister of 95-octane petrol was priced at 2,445,000 liras against 2,492,000 liras previously, 98-octane at 2,463,000 liras against 2,510,000 liras, and diesel at 2,559,000 liras against 2,579,000 liras. By contrast, the 10 kg gas cylinder rose to 1,640,000 liras from 1,610,000 liras. A gram of 21-carat gold stood at $114.10 against $114.32, and the ounce at $4,056 against $4,064.
Euro dips slightly as IMF talks open
The dollar held at 89,500 liras, while the euro slipped to 100,120 liras from 100,286 liras. At the Finance Ministry, the first session of negotiations with an IMF mission opened in the presence of Economy Minister Amer Bisat and central bank governor Karim Souaid, with Finance Minister Yassine Jaber saying he hopes for a preliminary agreement this week. Lebanon ON quoted the central bank as saying no data were available during the IMF consultations.
Minimum wage battle as teachers return to class
General Labor Confederation chief Bechara Asmar told MTV that the confederation has not dropped its demand to raise the minimum wage to $1,400 but is seeking an implementation mechanism that accounts for the capacity of small and medium enterprises, warning that ill-considered increases could bankrupt firms while inflation eats up the raises. The economy minister said about 30 percent of the population lives below the poverty line. Separately, the head of the union of public secondary school teachers, Jamal al-Omar, announced the suspension of the strike and a return to teaching from the morning of Wednesday, November 11, after an agreement with the Education Ministry.
Electricity to parliament; roadworks disrupt a Beirut street
The parliamentary Finance and Budget Committee approved a $100 million additional allocation for electricity, with accumulated arrears standing at about $430 million, and Speaker Nabih Berri called a legislative session for Thursday, according to MTV. Separately, negotiations over the Qatari electricity offer are moving toward technical and financial details ahead of an agreement. On mobility, traffic will be barred on Beirut's Abi Bakr al-Siddiq street on Wednesday and Thursday, November 11 and 12, for paving works, while the traffic control room counted 5 dead and 10 injured in 13 road accidents over 24 hours.
Financial gap, EU support and exports
The financial gap law is being presented as a key entry point in the IMF talks, according to the Finance Ministry, while an article on the lebanon debate platform referred to a 2.4 billion euro European support package without full details of its components or conditions. On displacement, a post said 61 percent of the response plan remains unfunded. On the economy, an analysis cited by An-Nahar found that Lebanon's competitive exports held near $3 billion between 2018 and 2022 while the number of products with comparative advantage shrank from 216 to 203, and the Iraqi market was opened to Lebanese grapes.
What to watch
- The outcome of the IMF negotiations and whether a preliminary agreement is announced this week
- Thursday's parliamentary session: the $100 million electricity allocation and the rent law extension
- The next fuel pricing round and the movement of the gas cylinder price
- The fate of the push to raise the minimum wage to $1,400 and the stance of small businesses