Doctors and hospitals in Lebanon go on two-day general strike
May 27, 2022, 5:17 pm

Doctors and hospitals in Lebanon go on two-day general strike

Healthcare workers take part in a protest on Thursday against banks restricting cash dealings for hospitals, in front of Lebanon’s Central Bank building in Beirut. (Reuters)

The Arabnews reported, citing the Associated Press, dozens of doctors, nurses and medical personnel rallied on Thursday (May 26) outside the Central Bank in the Lebanese capital of Beirut after declaring a two-day general strike to protest rapidly deteriorating economic conditions.

The strike was declared by two medical professionals’ unions — The Syndicates of Doctors in Beirut and the North and the Syndicate of Private Hospital Owners — which say they could no longer put up with Central Bank policies that have allowed banks to impose random capital controls and other restrictions.

The unions said that during the strike, which ends on Friday, only emergency cases and dialysis patients would be admitted to hospitals.

Lebanon’s medical sector, which up until few years ago was among the best in the Middle East, is on the brink of collapse, barely surviving the country’s unprecedented economic and financial meltdown.

Faculty of Medicine Graduate Medical Education (GME) Graduation Ceremony of Residents and Fellows 2022 - Credit: AUB Twitter account

The crisis that started in October 2019 has seen the local currency lose more than 90 percent of its value to the dollar, wiping out salaries and savings.

The hardship has led to the emigration of thousands of doctors and nurses and the closure of a large number of pharmacies, as well as severe shortages in medicines and medical equipment.

Hospitals in Lebanon face shutdown risks amid foreign currency shortage

A number of hospitals have been warning they will have to close because they can no longer pay for their expenses or pay their employees’ salaries.

“Hospitals will close because there is no way they can continue. We have to pay cash when we have no access to cash,” said Suleiman Haroun, head of the private hospitals’ union, who joined the protest in Beirut along with a few hundred other colleagues. He blamed Central Bank policies for destroying the sector.

Lebanese currency sinks to a new record low

Meanwhile, the Lebanese pound continued to hit new lows against the dollar, which was selling at around 35,600 pounds on the black market Wednesday.

The Lebanese currency was pegged at 1,500 pounds to the dollar for 22 years until the crisis erupted in late 2019.

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.