Home

Since 2019, over 80 per cent of its population has been pushed into poverty, the currency has lost 95 per cent of its value, and prices have increased by more than 200 per cent.4 Diesel prices, up by 2,000 per cent in only one year, have made it prohibitively costly for most workers to travel to work and for children to attend school. (...) Three decisions by BDL can be highlighted as key contributors to the devaluation of the Lebanese currency and the resulting impoverishment of the population. 49. (...) Such policies have contributed to a downward spiral of the currency, the devastation of the economy, the wiping out of people’s lifetime savings and, ultimately, to plunging the population into poverty.

GE.20-02378 (R) 030320 040320  Европейская экономическая комиссия Конференция европейских

INTERNATIONAL FINANCIAL OBLIGATIONS, DIGITAL SYSTEMS AND HUMAN RIGHTS - REPORT OF THE INDEPENDENT EXPERT ON THE EFFECTS OF FOREIGN DEBT AND OTHER RELATED INTERNATIONAL FINANCIAL OBLIGATIONS OF STATES ON THE FULL ENJOYMENT OF ALL HUMAN RIGHTS, PARTICULARLY ECONOMIC, SOCIAL AND CULTURAL RIGHTS, ATTIYA WARIS

Comm No Letter of Credit Currency Value of Letter of Credit in Original Currency Payments made Remaining Bal- ance Status Beneficiary 86 1300033 B750473 EUR 1 255 000.00 - 1 255 000.00 Active United Arab Company for International Trading, Cairo 87 1300126 B750927 JPY 2 231 599 767.00 2 211 399 279.00 20 200 488.00 Active Al Rowa’a General Trading Co. (...) Comm No Letter of Credit Currency Value of Letter of Credit in Original Currency Payments made Cancelled Amount Status Beneficiary 45 700844 U721471 USD 143 477.50 - 143 477.50 Cancelled EUROPEAN MIDDLE EAST PROJECTS CO., BRUSSELS 46 701220 U724139 USD 164 088.45 - 164 088.45 Cancelled PENINSULA TRAD. (...) Comm No Letter of Credit Currency Value of Letter of Credit in Original Currency Payments made Cancelled Amount Status Beneficiary 90 731032 U737779 EUR 3 098 068.18 - 3 098 068.18 Cancelled Joint Stock Company Stroytransgas, Mos- cow 91 731033 U737629 EUR 66 099.98 - 66 099.98 Cancelled Petro Technology, Paris 92 731034 U751422 EUR 94 521.93 - 94 521.93 Cancelled Daewoo International Corporation, Seoul 93 731062 U750941 JPY 83 459 200.00 - 83 459 200.00 Cancelled Phoenix International, Amman 94 731063 U751287 EUR 54 400.00 - 54 400.00 Cancelled National Fire Fighting Mfg Co.

ECE/CES/GE.23/2009/5 page 19 Present treatment Proposed recording BPM6 SNA Rev.1 Credit Debit Credit Debit Country A Country A Services: Merchanting 20 Goods under merchanting 100 Currency deposits 20 Goods under merchanting Currency deposits -80 20 Country B Country B Goods 80 Goods 80 Currency deposits 80 Currency deposits 80 Country C Country C Goods 100 Goods 100 Currency deposits 100 Currency deposits 100 Credit Debit Credit Debit Global balance18 Global balance Goods Services: 80 100 Goods incl Goods under merchanting 100 20 100 0 Merchanting 20 Currency deposits 100 100 Currency deposits 100 100 18 Merchanting is recorded only in the country A (the exporter of merchanting services). (...) ECE/CES/GE.23/2009/5 page 21 Present treatment Proposed recording BPM6 SNA Rev.1 Credit Debit Credit Debit Country A Country A Services: Merchanting -30 Goods under merchanting 50 -80 Currency deposits 30 Currency deposits 30 Country B Country B Goods 80 Goods 80 Currency deposits 80 Currency deposits 80 Country C Country C Goods 50 Goods 50 Currency deposits 50 Currency deposits 50 Global balance Global balance Goods 80 50 Goods Goods under merchanting 50 -30 50 Services: Merchanting -30 Currency deposits 80 80 Currency deposits 80 80 ECE/CES/GE.23/2009/5 page 22 [ENGLISH ONLY] ANNEX IV CHANGES IN INVENTORIES - TRANSACTIONS THAT STRADDLE RECORDING PERIODS The following example illustrates the principles of the present and proposed treatments if transactions straddle the recording period. (...) ECE/CES/GE.23/2009/5 page 23 Present treatment a) period t Credit Debit b) period (t +1) Credit Debit Country A Country A Goods 80 Goods -80 Services: Merchanting 20 Currency deposits 80 Currency deposits 100 Country B Country B Goods* 80 Currency deposits 80 Country C Goods 100 Currency deposits 100 Global balance Global balance Goods 80 80 Goods 20 Services: Merchanting 20 Currency deposits 80 80 Currency deposits 100 100 Proposed recording BPM6 SNA Rev.1 a) period t Credit Debit b) period (t +1) Credit Debit Country A Country A Goods under merchanting -80 Goods under merchanting 100 Currency deposits 80 Currency deposits 100 Country B Country B Goods 80 Currency deposits 80 Country C Country C Goods, debit 100 Currency deposits 100 Global balance Global balance Goods Goods under merchanting 0 -80 Goods Goods under merchanting 100 100 100 Currency deposits 80 80 Currency deposits 100 100 ECE/CES/GE.23/2009/5 page 24 [ENGLISH ONLY] ANNEX V21 MERCHANTING OF GOODS AND SERVICES 1.

We need to keep up with the trend of the Fourth Industrial Revolution, jointly seize opportunities created by digital, networked and smart development, explore new technologies and new forms and models of business, foster new growth drivers and explore new development pathways, and build the digital Silk Road and the Silk Road of innovation. (...) We also encourage the introduction of digital transport ac- companying documents. 15. (...) We will continue our efforts towards strengthening multi-modal transportation including inland waterways in landlocked countries, roads, railway networks, air, land and sea ports and pipelines in line with international law and respective domestic laws. We encourage digital infrastructure including transnational fiber-optic high- ways, promoting e-commerce and smart cities, and helping narrow the digital divide while drawing on international good practices. 29.

Letter of Credit Beneficiary Name Expiry Date Currency Value of Letter of Credit in Original Currency Balance in Original Currency USD Equivalent Balance Documents Presented Amount Unpaid USD Equivalent Documents Pre- sented Amount Unpaid Status 1 601333 Z718896 BELMETALENERGO INC., MINSK 31/12/2007 USD 7 380 431.17 5 701 045.67 5 701 045.67 719 593.26 719 593.26 Active 2 631026 Z751762 OIL AND GAS SERVICES GROUP LTD., SHARJAH 31/12/2007 USD 682 727.27 682 727.27 682 727.27 37 272.72 37 272.72 Active 3 631048 Z728693 STEEL FABRICATION CO., AMMAN 31/12/2007 USD 420 000.00 420 000.00 420 000.00 385 000.00 385 000.00 Active 4 631157 Z751164 Neptun Co. (...) Letter of Credit Beneficiary Name Expiry Date Currency Value of Letter of Credit in Original Currency Balance in Original Currency USD Equivalent Balance Documents Presented Amount Unpaid USD Equivalent Documents Pre- sented Amount Unpaid Status 32 1101152 V737364 Anwar Akkad Son’s Co. (...) Letter of Credit Beneficiary Name Expiry Date Currency Value of Letter of Credit in Original Currency Balance in Original Currency USD Equivalent Balance Documents Presented Amount Unpaid USD Equivalent Documents Pre- sented Amount Unpaid Status 1 631157 Z751164 Neptun Co.

Issue Date Expiry Date Currency Amount Equivalent US$ Sector Mission Beneficiary 33 1101106 V751800 03/03/2004 30/09/2004 EUR 1 187 403.53 1 604 599.36 Agriculture Russian Federation ALTAI LIMITED COMPANY, ALTAI TERRITORY 34 1101995 * V738920 10/01/2003 30/06/2004 EUR 1 493 905.86 2 018 791.70 Electricity Jordan PHOENIX INVESTMENT INTERNATIONAL 35 1200278 P738491 18/12/2002 31/12/2004 EUR 255 095.74 344 723.97 Food Jordan Olive Tree Food Processing Co. (...) Issue Date Expiry Date Currency Amount Equivalent US$ Sector Mission Beneficiary 63 902105 L739676 18/02/2003 18/06/2006 EUR 638 616.88 862 995.78 Agriculture Jordan Aljabal Poultry Farms, Amman 64 930074 L730874 18/01/2006 19/06/2006 EUR 609 085.82 823 088.95 Oil Spares India JORD ENGINEERS INDIA LTD., BARODA 65 930306 L732206 01/05/2002 18/06/2006 EUR 25 001.71 33 786.09 Oil Spares Thailand PB Pongboon Intertrade Co. (...) Issue Date Expiry Date Currency Amount Equivalent US$ Sector Mission Beneficiary 79 1002009 T738894 07/01/2003 18/06/2006 EUR 3 055.00 4 128.38 Water Sanitation Jordan NASSER EST.

Главный плюс таких союзов заключается в том, что они позволяют снизить транзакционные расходы, а главный минус – в том, что 4 RA Mundell, 1961, A theory of optimum currency areas, American Economic Review, 51:657–665. (...) National Bureau of Economic Research Working Paper Series No. 7864, August. 12 T Persson, 2001, Currency union and trade: How large is the treatment effect? (...) Существование высоких тарифных и нетарифных барьеров в Африке также является серьезным препятствием для расширения региональной торгов- ли, и для того чтобы валютные союзы могли стимулировать торговлю на этом 13 R Thom and B Walsh, 2002, The effect of a common currency on trade: Ireland before and after the sterling link, European Economic Review, 46:1125–2351. 14 P Masson and C Patillo, 2005, The Monetary Geography of Africa, Brookings Institution Press, Washington, D.C. 15 C Tsangarides, P Ewenczyk, M Hulej and M Qureshi, 2008, Are Africa’s currency unions good for trade?

S/2008/175 16 08-26988 Annex IV List of cancelled letters of credit from 1 January 2008 to 29 February 2008 Comm No LC EXPIRY Curr Amount in Original Currency US$ equivalent 00278 K712779 28/02/2005 USD 511,809.06 511,809.06 600833 Z729302 31/12/2007 USD 110,069.00 110,069.00 630745 Z720101 31/12/2007 USD 171,052.73 171,052.73 701121 U723215 31/12/2007 USD 175,000.00 175,000.00 731018 U737630 09/02/2004 EUR 208,840.91 304,432.81 801150 M728133 31/12/2005 USD 12,583.88 12,583.88 801214 C725898 31/12/2007 EUR 5,454.68 7,951.43 801381 M728717 29/04/2004 EUR 5,116.79 7,458.88 802673 C729573 31/12/2007 USD 22,000.00 22,000.00 802974 M738082 18/06/2006 EUR 6,867.96 10,011.60 830267 M727734 31/12/2007 EUR 61,607.36 89,806.65 830307 M728505 19/06/2006 EUR 10,528.00 15,346.94 830694 M737946 19/06/2006 JPY 159,664,718.00 1,400,567.70 901366 L731772 18/06/2006 EUR 98,276.45 143,260.13 901392 L751798 11/04/2005 EUR 11,537.70 16,818.80 1002009 T738894 18/06/2006 EUR 3,055.00 4,453.35 1030349 T735766 18/06/2006 EUR 3,637,313.17 5,302,205.79 1030441 T751294 18/06/2006 EUR 357,329.45 520,888.41 1030526 T751291 18/06/2006 EUR 671,060.00 978,221.57 1101025 V737519 31/12/2007 EUR 1,833.68 2,673.00 1101138 V735694 31/12/2007 EUR 3,172,000.00 4,623,906.71 1101214 V735708 31/12/2007 EUR 1,720,000.00 2,507,288.63 1101233 V751706 19/06/2006 EUR 152,678.52 222,563.44 1101881 V751733 16/06/2006 EUR 660,533.20 962,876.38 1101995 V738920 30/06/2004 EUR 1,493,905.86 2,177,705.34 1200057 P736624 31/12/2007 EUR 2,306,340.91 3,362,012.99 1200278 P738491 31/12/2004 EUR 255,095.74 371,859.68 1200288 P750602 30/04/2004 EUR 12,521.25 18,252.55 1200623 P751734 19/06/2006 EUR 4,597,990.91 6,702,610.66 1200844 P738601 31/12/2007 CHF 13,766,402.70 12,075,791.84 1201433 P751682 19/08/2004 EUR 11,635.25 16,961.01 1230009 P751781 28/02/2005 GBP 1,010,000.00 2,011,952.19 1230061 P738957 19/06/2006 EUR 10,990.08 16,020.52 1230165 P750440 31/07/2004 EUR 72,973.00 106,374.64 1230276 P751455 30/08/2006 EUR 3,775.14 5,503.12 1230417 P751267 20/10/2004 EUR 58,087.41 84,675.52 1230556 P751484 19/06/2006 EUR 3,000.00 4,373.18 1230558 P750349 19/06/2006 EUR 4,812.10 7,014.72 1230582 P751730 31/12/2007 EUR 1,230,243.00 1,793,357.14 1300129 B750354 19/06/2006 EUR 766,827.33 1,117,824.10 40 letters of credit 47,995,536.10 S/2008/175 08-26988 17 Annex V Payments made from 1 January 2008 to 29 February 2008 Paid from the euro account Comm No LC Date paid Value in the original currency Currency Euro Value 702674 U751752 04/02/2008 3,401.22 EUR 3,401.22 702787 U732869 25/01/2008 751,581.79 EUR 751,581.79 800975 C725998 15/02/2008 264,161.23 EUR 264,161.23 802719 C750829 04/02/2008 272,138.60 EUR 272,138.60 900045 L726681 08/01/2008 1,172,606.40 EUR 960,978.86 1000226 T731031 28/01/2008 2,055,061.00 JPY 13,048.01 1000454 T731373 15/02/2008 160,645.08 EUR 160,645.08 1030389 T735614 25/01/2008 46,900.00 EUR 46,900.00 1200853 P738659 28/01/2008 19,985.00 CHF 12,482.82 1200853 P738659 28/01/2008 302,612.00 CHF 189,014.37 1201514 P751389 15/02/2008 10,506.35 EUR 10,506.35 1300215 B750425 27/02/2008 17,943.45 EUR 17,943.45 2,702,801.78 Paid from the United States dollar account Comm No LC Date paid Value in the original currency Currency Dollar Value 601799 Z719838 02/01/2008 2,067,866.24 USD 2,067,866.24 702374 U760000 24/01/2008 1,979,880.00 USD 1,979,880.00 702374 U760000 24/01/2008 1,790,250.00 USD 1,790,250.00 702374 U760000 24/01/2008 924,100.00 USD 924,100.00 6,762,096.24 Paid in full from the euro account and balance cancelled Comm No LC Date paid Value in the original currency Currency Euro Value 802679 C731210 07/01/2008 677,862.59 EUR 677,862.59 1230554 P750081 25/01/2008 26,740.56 EUR 26,740.56 1100100 V734670 08/01/2008 5,867,403.75 EUR 5,867,403.75 6,572,006.90 S/2008/175 18 08-26988 Annex VI Payments made from 1 January 2007 to 31 December 2007 Paid from the euro account Comm No LC Date paid Value in the original currency Currency Euro Value 631099 Z737736 19/01/2007 788,123.20 EUR 788,123.20 631099 Z737736 19/07/2007 783,102.45 EUR 783,102.45 631099 Z737736 31/07/2007 785,273.20 EUR 785,273.20 702674 U751752 05/10/2007 1,539.20 EUR 1,539.20 702674 U751752 05/10/2007 71,802.60 EUR 71,802.60 830726 C731589 18/07/2007 335,767.20 EUR 335,767.20 902053 L736336 26/10/2007 132,100.80 EUR 132,100.80 902053 L736336 26/10/2007 541,288.50 EUR 541,288.50 902053 L736336 26/10/2007 95,461.09 EUR 81,141.12 902053 L736336 26/10/2007 132,200.09 EUR 125,985.24 930599 L733054 29/08/2007 145,999.72 EUR 145,999.72 1000299 T732141 28/12/2007 31,120.88 EUR 31,120.88 1000623 T732881 17/12/2007 486,363.00 EUR 486,363.00 1000752 T739588 29/11/2007 400,720.44 EUR 400,720.44 1001204 T751571 18/07/2007 979,206.00 EUR 979,206.00 1001243 T733865 10/09/2007 1,115,965.26 EUR 1,115,965.26 1001243 T733865 11/10/2007 790,128.00 EUR 790,128.00 1001243 T733865 12/12/2007 80,205.02 EUR 80,205.02 1001243 T733865 10/08/2007 464,817.92 EUR 464,817.92 1001243 T733865 10/08/2007 786,136.64 EUR 786,136.64 1001243 T733865 14/08/2007 812,636.20 EUR 812,636.20 1001243 T733865 14/08/2007 1,580,176.12 EUR 1,580,176.12 1001817 T738729 17/12/2007 98,906.00 EUR 96,927.88 1001817 T738729 17/12/2007 67,730.36 EUR 59,602.70 1030309 T751348 24/01/2007 215,993.32 EUR 203,505.42 1030768 T736348 31/07/2007 6,789.75 EUR 6,789.75 1100335 V734553 09/11/2007 16,678,483.55 EUR 16,678,483.55 1101025 V737519 01/10/2007 5,464.00 EUR 5,464.00 1101025 V737519 29/11/2007 24,595.05 EUR 24,595.05 1200370 P738022 20/07/2007 948,068.00 EUR 948,068.00 1201514 P751389 02/08/2007 4,544,600.34 EUR 4,544,600.34 1230271 P751411 19/07/2007 37,309.60 EUR 35,444.12 1230271 P751411 19/07/2007 37,190.40 EUR 35,330.88 1230271 P751411 19/07/2007 37,309.60 EUR 35,444.12 1230271 P751411 19/07/2007 37,190.40 EUR 35,330.88 1230318 P750352 10/09/2007 1,619,038.40 EUR 1,619,038.40 1230318 P750352 10/09/2007 283,331.72 EUR 283,331.72 1230318 P750352 22/10/2007 238,241.92 EUR 238,241.92 1230498 P751739 19/07/2007 88,582.27 EUR 88,582.27 1300010 B751808 31/07/2007 340,828.80 EUR 340,828.80 1300164 B750291 17/10/2007 275,592.50 EUR 275,592.50 1300211 B751748 28/12/2007 342,717.59 EUR 342,717.59 37,217,518.60 S/2008/175 08-26988 19 Paid from the United States dollar account Comm No LC Date paid Value in the original currency Currency Euro Value 600882 Z718687 27/12/2007 223,181.00 USD 223,181.00 600882 Z718687 27/12/2007 320,453.00 USD 320,453.00 601799 Z719838 13/11/2007 1,362,500.00 USD 1,362,500.00 601799 Z719838 27/12/2007 2,032,000.00 USD 2,032,000.00 631025 Z734374 13/12/2007 57,166.36 USD 57,166.36 702153 U735282 06/09/2007 540,000.00 USD 540,000.00 702374 U760000 02/10/2007 4,615,711.00 USD 4,615,711.00 702374 U760000 13/08/2007 1,694,800.00 USD 1,694,800.00 702374 U760000 04/09/2007 4,140,338.00 USD 4,140,338.00 702374 U760000 04/09/2007 442,083.00 USD 442,083.00 702374 U760000 27/12/2007 1,280,000.00 USD 1,280,000.00 702374 U760000 19/07/2007 3,966,694.00 USD 3,966,694.00 702374 U760000 26/07/2007 19,679,399.00 USD 19,679,399.00 40,354,325.36