| 3 August 2021, Tuesday |

Welcome to Lebanon’s Jungle

A Lebanese Affairs’ specialist drew up a picture of the state’s diary for Sawt Beirut International, which he describes as a “Jungle” :

Gasoline supplies are rapidly depleting.

Streets are about to be set on fire.

A meeting is called by the President of the Republic.

The Ministers of Finance and Energy, as well as the Governor of the Banque du Liban, will attend the meeting, as will three advisers and the Director General of the Presidency of the Republic from the President of the Republic’s “team.”

The meeting was held without the presence of the Caretaker Government’s president.

The meeting “decides” on a request to the Governor of the Banque du Liban for financing gasoline imports.

The Governor of the Banque du Liban has requested the passage of a law in this regard, as well as the signature of the Prime Minister.

The President of the Republic contacts the president who is unable to attend the meeting in order to persuade him to carry out the decision.

The Governor of the Banque du Liban publishes a statement stating that he will comply with the government’s request to open the credit in conformity with Article 91 of the Code of Money and Credit, which empowers the government to “request” the bank to do so.

The Prime Minister will sign the proposal the next day.

All of the following is false doctrine, but it is strange that will cost the government more than $500 million, which is the division of the “loan” to be handed to the government:

The first misconception is that the Baabda Palace meeting “decided,” when it is not constitutionally entitled to do so because decisions are entrusted to the Council of Ministers collectively, and a resigned government shall not be entitled to hold a cabinet session.

The second absurdity is that the Banque du Liban consented to grant the loan to the government in accordance with its “request,” despite the fact that there was no existing government to submit a request, only a resigned one.

The third heresy is that the Prime Minister endorsed a decision made in a meeting that is not legally enforceable.

And the Lebanese affairs expert continues: “All of the above-mentioned facts are enough to show that we are living in a jungle, not a normal country, given the Baabda Palace meeting, the Banque du Liban statement to the signature of the Caretaker Prime Minister, but who cares, dear citizens?

The major disaster is that the Banque du Liban will be resorting to the remaining depositors’ funds in order to finance gasoline imports, the majority of which are bound for Syria.

Remember the credits opened by the Banque du Liban to the Electricité Du Liban to purchase fuel? What the Banque du Liban calls a “loan” that the Lebanese state must repay is in fact a loan that the state is not able to settle. These credits were reported as loans to the institution in the state treasury’s favor. However, the organization did not return a single cent of these credits, so how would it afford a $500 million loan?