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ABL delegation visits Hariri: The Lebanese pound is doing well

Jul 24

ABL delegation visits Hariri: The Lebanese pound is doing well

NNA - The President of the Council of Ministers Saad Hariri received today at the Grand Serail a delegation from the Association of Banks in Lebanon headed by its chairman Salim Sfeir, in the presence of Hariri’s advisors Nadim Munla and Hazar Caracalla.

After the meeting, Sfeir said: “We had the honor to visit Prime Minister Hariri. We congratulated him on the adoption of the 2019 budget, wishing to accelerate the completion of the 2020 budget within the constitutional deadlines, and that it includes more austerity and reformative measures.”

He added: “The meeting was an occasion for a frank discussion of what we as economists considered should be included in the 2020 budget. We also discussed the negative impact of the slowdown of economic growth on all productive sectors financed by the banking sector. We also emphasized the need to develop an economic vision that attracts investments and can create jobs and this requires easing the burden on the private sector to stimulate it.”

He continued: “The restoration of confidence in Lebanon and its economy will impact positively on the interest levels in the market, which will contribute to the economic growth on one hand and reduce debt service on the other. It will give positive signals to the international community. We will have other meetings with Prime Minister Hariri to follow up on the economic plan under implementation, hoping that the government will support the productive forces. We also confirmed that the banking sector will continue to finance the Lebanese economy.

Question: How is the situation of the Lebanese pound?

Sfeir: The Lebanese pound is doing well. What we lack is to create growth in the country to create jobs for citizens through our economy. The monetary stability exists and so does liquidity.

Question: Is the banking sector willing to support the government in 2020 to contribute to the implementation of growth and the economic vision?

Sfeir: Our goal is to continue to help the government and the country and we will not back down from our goals.

Hariri also received MP Neemat Frem who said after the meeting: “We discussed the economic situation, especially issues related to the 2020 budget and the five-year plan I spoke about in the Parliament. We will continue the meetings to complete the discussion of these issues, especially regarding the work of the economy and planning committee, and how to activate the productivity of 250 thousand employees in the public sector and developing a mechanism to measure this productivity.