| 22 February 2024, Thursday |

Martyr Rafik Bahaa Hariri, the pioneer of reviving post-war economy

The Lebanese economy was severely depleted during the civil war, and the Lebanese Pound was witnessing a dramatic depreciation, resulting in skyrocketing prices, a huge social catastrophe, and a loss of faith in the Lebanese economy. The financial sector was only worth $7 billion, while the GDP was only worth $6 billion. And then, Rafik Bahaa Hariri, the distinguished figure, took office. The Martyr Prime Minister established his first government in 1999, and his initiative was considerably larger than the Lebanese war generation could have imagined. However, the return to the world track commenced. For the first time in 20 years, the Lebanese Parliament approved a budget after debate, and national income rose in 1993. The balance of payments indicated a surplus, and Lebanon was subject to an unprecedented boom in construction permit requests, but there were numerous hazards from those who did not want to watch Lebanon flourishing.

Rafik Bahaa al-Hariri, the assassinated Prime Minister, declared at that time: “They claim that we would convene and form a committee to investigate the actions committed. The measures, in my opinion, have only one remedy… It must have been shredded in the same way that I tore this paper, because it cannot be fixed.”

Even the mass of investments that flooded the Lebanese market between 1992 and 1998 was not enough for the Lebanese Government to keep up with Hariri’s economic steamroller . As a result, he was removed from power, resulting in a two-year increase in the public debt from 18 billion to 25 billion dollars. Since then, everyone has been calling for his return to power. He returned stronger in 2000, launching international conferences to support Lebanon, including Paris 1 and Paris 2, which helped restoring the Cedars’ homeland and the confidence of world leaders. Despite his achievement in decreasing benefits, however, political divisions, as renowned today, were an impediment in the way of the assassinated president, who failed to implement reforms. Among countless accomplishments, one should not forget to mention that Hariri established commercial ties with China, Brazil, and the Gulf Cooperation Council countries.

Martyr Rafik Bahaa Hariri, passed away, and so did the economic ties and plans he launched that are still bearing testament to his accomplishments till present.

  • Sawt Beirut International