Recently S&M celebrated Valentine’s Day with mom & dad R&E in Doha, Qatar, where R&E reside and work. Sofie’s 4th birthday took place on 10 February just past, and as ever, artistic mom R didn’t spare any effort for either occasion. As followers can see from mom R’s pics below, these two young ladies are growing up fast for sure.
However, whilst the family thrive and prosper in Qatar, their Lebanese homeland has all but collapsed economically, particulary in the last six months, and event more particularly in recent weeks. Ominously, according to many Lebanese friends on MB, the worst may be yet to come. The currency has lost 90% of its value against the dollar in the last year (and its still sliding), the banking system has lost the confidence of the people (with very good reason), prices of food and life’s other staples have sky-rocketed, and more than 50% on the population now lives in proverty. Crime levels, understandably, are rising. People with little savings, most of the population actually, are in dire straights. In a country that was once referred to as the ‘Jewel of the Mediterranian’, chronic unemployment, and even hunger, now stalk the land.
MB had a meeting with a client earlier this week. Lebanese national Walid. Walid informed MB that in 30 years on employment (mostly in Qatar), his reasonably well-paid wife had managed to save USD 400,000.00. Each month she would religiously send home her monthly savings to her bank account in Beirut. About two years back, at the suggestion of her bank, she converted her entire dollar savings into a local Lebanese pounds account. The Lebanese pound accounts were paying double the interest rate of the dollar accounts at that time, so it seemed appealing. Two years later, his wifes USD 400k is worth USD 40k – 90% of her life savings have disappeared. He has a similar tale to tell, but MB will not tell it as it,lest he depress readers too much. Sadly, the tale of Walid & his wife is replicated through hundreds of thousands of other ‘Walids’ and other ‘wives’.
MB works with many Lebanese. Most have now given up the ghost of ever returning to their homeland to work. That possibility may now not even exist for their young children. Sadly. Comparisons with Venezuala are often mentioned.
Sofia and Maria, thankfully, have many years to go before career decisions will need to be made. Let’s hope for better times for both of them, come that time.