| 18 October 2021, Monday |

The Association of Banks’ plan overlooked the losses of the banking sector and depositors’ money

After the Minister of Energy, Walid Fayyad, set the selling price of a bottle of gas at 193,700 pounds, the captain of the owners and investors of domestic gas filling plants, Antoine Yammine, appealed to the minister to “set a new schedule and give each plant owner his right to set prices according to the exchange of the dollar circulating in the markets.”

He explained that factories incur losses with importing, pointing out that the total loss for each vial in the factory land is about 10 thousand pounds.

To date, the government’s recovery plan has not isn’t clear, which should be taken to negotiations with the International Monetary Fund and creditor. However, the Association of Banks preceded the government and prepared its own plan.

The International Monetary Fund may provide:

  • Negotiating a bailout program with the International Monetary Fund
  • Starting the reconstruction of the port of Beirut
  • Adoption of governance and integrity legislation
  • Reform of the current customs system
  • Restructuring the Electricite du Liban
  • Infrastructure rehabilitation
  • Expanding social safety nets
  • Adjusting public finances in terms of revenue and spending
  • Negotiating with creditors and re-establishing the solvency of the Banque du Liban
  • Facilitating the procedures for starting a business

In this context, Prime Minister Najib Mikati stressed during his meeting with the delegation of the Association of Banks headed by Salim Sfeir, “that meetings and contacts are underway internally and with other relevant international bodies, to develop a unified plan for financial and economic recovery to be adopted by the government in preparation for the start of its implementation in order to get out of the current crisis, in parallel with Preparing to start negotiations with the IMF to develop a medium and long-term cooperation program.

Mikati pointed out that “government work is currently focused on a basic file, which is electricity, that costs the public treasury two billion dollars annually without a sustainable plan for a solution.”

Sfeir stressed that “the entrance to the solution lies in political stability and the availability of a clear intention to approve reforms,” stressing that “any solution must lead to the protection of depositors’ money.”

Prime Minister Najib Mikati sponsored the signing ceremony of the Infrastructure Completion Project Agreement in the Port of Tripoli.

The agreement was signed by the President of the Council for Development and Reconstruction, Nabil Al-Jisr, and a representative of the Egyptian Arab Contractors Company, which implemented the The project is a complete development of the port and the construction of new buildings for customs, administrations, army and firefighting.

It is expected that the work will be completed within two and a half years.project funded by the Islamic Bank at an amount of 87 million dollars.