Changes

*Industry: Types--banking, tourism, food processing, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating.  

*Industry: Types--banking, tourism, food processing, jewelry, cement, textiles, mineral and chemical products, wood and furniture products, oil refining, metal fabricating.  

*Trade: Exports--$1.88 billion (2005 est., f.o.b.): authentic jewelry, inorganic chemicals, miscellaneous consumer goods, fruit, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper. Major markets--Syria, U.A.E., Switzerland, Turkey, Saudi Arabia. Imports--$9.34 billion (2005 est., f.o.b.): petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco. Major suppliers--Italy, Syria, France, Germany, China, U.S., U.K., Saudi Arabia.  

*Trade: Exports--$1.88 billion (2005 est., f.o.b.): authentic jewelry, inorganic chemicals, miscellaneous consumer goods, fruit, tobacco, construction minerals, electric power machinery and switchgear, textile fibers, paper. Major markets--Syria, U.A.E., Switzerland, Turkey, Saudi Arabia. Imports--$9.34 billion (2005 est., f.o.b.): petroleum products, cars, medicinal products, clothing, meat and live animals, consumer goods, paper, textile fabrics, tobacco. Major suppliers--Italy, Syria, France, Germany, China, U.S., U.K., Saudi Arabia.  

 

Lebanon embarked on a massive reconstruction program in 1992 to rebuild the country's physical and social infrastructure devastated by both the long civil war (1975-90) and the Israeli occupation of the south (1978-2000). In addition, the delicate social balance and the near-dissolution of central government institutions during the civil war handicapped the state as it sought to capture revenues to fund the recovery effort. Monetary stabilization coupled with high interest rate policies aggravated the debt service burden, leading to a substantial rise in budget deficits. Thus, the government accumulated significant debt, which by 2005 had reached $36 billion, or 185% of GDP. Unemployment is estimated at 18% officially, but in the absence of reliable statistics, some estimate it could be as high as 20-25%.  

Lebanon embarked on a massive reconstruction program in 1992 to rebuild the country's physical and social infrastructure devastated by both the long civil war (1975-90) and the Israeli occupation of the south (1978-2000). In addition, the delicate social balance and the near-dissolution of central government institutions during the civil war handicapped the state as it sought to capture revenues to fund the recovery effort. Monetary stabilization coupled with high interest rate policies aggravated the debt service burden, leading to a substantial rise in budget deficits. Thus, the government accumulated significant debt, which by 2005 had reached $36 billion, or 185% of GDP. Unemployment is estimated at 18% officially, but in the absence of reliable statistics, some estimate it could be as high as 20-25%.  

Plagued by mounting indebtedness, Lebanon submitted a comprehensive program on its financing needs at the Paris II donors conference in November 2002 and succeeded in attracting pledges totaling $4.4 billion, including $3.1 billion to support fiscal adjustment and $1.2 billion to support economic development projects. Despite the substantial aid it had received, the government made little progress on its reform program, and by 2006, even before the war, the debt problem had grown worse. After the war, $940 million in relief and early reconstruction aid was pledged to Lebanon August 31, 2006 at a donors conference in Stockholm, and an additional $7.6 billion in assistance for reconstruction and economic stabilization was pledged January 25, 2007 at the International Conference for Support to Lebanon, "Paris III". Unlike the Paris II aid, much of the Paris III aid was to be contingent on Lebanon's meeting agreed benchmarks in implementing its proposed five-year economic and social reform program. The International Monetary Fund (IMF) agreed to initiate a Post-Conflict Program and to assign a team to Lebanon to provide technical assistance, to monitor the progress of reforms, and to advise donors on the timing of aid delivery.  

Plagued by mounting indebtedness, Lebanon submitted a comprehensive program on its financing needs at the Paris II donors conference in November 2002 and succeeded in attracting pledges totaling $4.4 billion, including $3.1 billion to support fiscal adjustment and $1.2 billion to support economic development projects. Despite the substantial aid it had received, the government made little progress on its reform program, and by 2006, even before the war, the debt problem had grown worse. After the war, $940 million in relief and early reconstruction aid was pledged to Lebanon August 31, 2006 at a donors conference in Stockholm, and an additional $7.6 billion in assistance for reconstruction and economic stabilization was pledged January 25, 2007 at the International Conference for Support to Lebanon, "Paris III". Unlike the Paris II aid, much of the Paris III aid was to be contingent on Lebanon's meeting agreed benchmarks in implementing its proposed five-year economic and social reform program. The International Monetary Fund (IMF) agreed to initiate a Post-Conflict Program and to assign a team to Lebanon to provide technical assistance, to monitor the progress of reforms, and to advise donors on the timing of aid delivery.  

The U.S. enjoys a strong exporter position with Lebanon, generally ranking as Lebanon's fifth-largest source of imported goods. More than 160 offices representing U.S. businesses currently operate in Lebanon. Since the lifting of the passport restriction in 1997 (see below), a number of large U.S. companies have opened branch or regional offices, including Microsoft, American Airlines, Coca-Cola, FedEx, UPS, General Electric, Parsons Brinkerhoff, Cisco, Eli Lilly, and Pepsi Cola.  

The U.S. enjoys a strong exporter position with Lebanon, generally ranking as Lebanon's fifth-largest source of imported goods. More than 160 offices representing U.S. businesses currently operate in Lebanon. Since the lifting of the passport restriction in 1997 (see below), a number of large U.S. companies have opened branch or regional offices, including Microsoft, American Airlines, Coca-Cola, FedEx, UPS, General Electric, Parsons Brinkerhoff, Cisco, Eli Lilly, and Pepsi Cola.

==History==

==History==