| 25 May 2024, Saturday |

Khoury says policy of stabilizing currency has led to current collapse

In an issued statement on Sunday, Former Minister Raed Khoury considered that “the policy of stabilizing the Lebanese currency is the sin that led to the collapse we have reached.”

He added: “A large number of ministers and politicians do not understand the economy and others do not want to understand, and the parties have never proposed any economic programs…We could have used the Central Bank’s reserve to develop transportation, electricity, and put in place a plan for public waste instead of spending it on consumption.”

Khoury stressed herein the importance of McKinsey’s plan because it set an economic course for the country. He added: “There are two paths for advancement, namely negotiating with the International Monetary Fund and changing the current economic system, and both paths must go together in order to get out of the crisis.”

Khoury concluded by considering that “the Central Bank trusted the state just as people gave their confidence to politicians for 30 years,” adding that “this trust was renewed every 4 years through the elections.”

  • NNA