Lebanese Minister of Finance Ghazi Wazni confirmed that the Lebanese government’s success in implementing the required reforms is the key to getting out of the financial and economic crisis, and this will not take place without the support of the political forces for this process.
In a dialogue with “Al-Sharq Al-Awsat”, my weight considered that the financial recovery plan prepared by the government gives it credibility in dealing with international institutions, and opened the horizon in relation to the “Cedar” conference and the global funds and banks that closed its doors in the face of Lebanon, indicating that the program is adjustable according to the course of negotiations. With the International Monetary Fund. With his optimism about the path of the plan, my weight stressed that the reform steps must constitute a fundamental strength factor because the international community expresses its willingness to support, but it requires the initiation of reforms and achieving this will be a positive message to him.
In light of the crises that the Lebanese are suffering from, my weight drew attention to the Ministry of Finance’s keenness to secure the salaries of employees and workers in the public sector, and to secure all matters related to health, social conditions and poverty, assuring that the available reserves are sufficient to finance basic commodities for the current and future years.
Regarding the relationship with the Banque du Liban, my weight said: “The trust is fully present and my relationship with the bank is good. There are questions about the numbers of the central bank and the issue of transfers in the last period. Otherwise, the government’s relationship with the Banque du Liban is normal and there is no problem in it. The government appointed three Firms to audit its budget within the framework of restructuring the financial sector, which includes the Bank of Lebanon and the banking system.
He added: “One of the proposals in the plan is to give 5 new licenses to banks with two goals, firstly that every bank brings in capital of $ 200 million fresh money, half of it from abroad and half of it from the inside. And secondly, that these banks will not need to be restructured because they are new, and their budgets are sound and give them Trust directly. “
And on the exchange rate of the dollar, which is witnessing unprecedented chaos, my weight indicated that, according to the plan, the current rate of exchange should be continued at 1515 pounds for several reasons, the first of which is that household consumption is distributed between 60% at the parallel dollar exchange rate and 40% at the official exchange rate of the lira, and the liberalization of exchange makes commodity prices rise Too big and crazy.
In the next stage, we will turn to the flexible exchange rate policy, i.e. gradual liberalization when we have defense assets that we are looking to acquire after agreeing with the IMF and the return of the flow of remittances from abroad and moving aid to the Cedar Conference. Thus, we have regained confidence and the flexible price becomes fortified with new inflows of hard currencies.
Source: Middle East