At the outset of the meeting devoted to deliberating on the decision of BdL governor to lift subsidies, caretaker Prime Minister Hassan Diab stated that his cabinet had been resisting that decision over the past months, while insisting on adopting a policy to rationalize subsidies instead of lifting them completely. Diab declared that his government’s plan strikes a balance between protecting people and society and preserving BdL assets.

“Today, the Central Bank’s governor took this decision unilaterally, and the country cannot bear the serious repercussions of such a decision”, Diab added, noting that the fallout of the decision will affect everything, including citizens’ livelihoods and health, the economy, as well as state institutions that will be overwhelmed with this new reality.

Premier Diab declared that “Lebanon was going through a dark tunnel”, especially in light of unethical business conduct at various levels, as well as merchants’ corrupt practices that have stolen the Lebanese people’s livelihoods, monopolized foodstuffs, medicines, gasoline and diesel, and turned the country into a black market for trade and speculation.

PM Diab ended his statement by exhorting everyone to exert their utmost efforts to contain the decision of lifting subsidies and to reduce its significant damage.