Banks return to the tone of support and management of state property

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Beyond the tripartite understanding between President Nabih Berri, former Minister Gibran Bassil, and Governor of the Banque du Liban, Riad Salameh, not as before. In practice, Salameh and his political, banking, media and administrative team succeeded in overthrowing the government recovery plan. Or at least, making the discussion about it back to square one. This is what made the committee concerned with financial affairs meet in the companies, headed by Prime Minister Hassan Diab, and attended by ministers, the governor of the Bank of Lebanon, his deputies, the Association of Banks and a number of advisors, and reconsider the discussion of the entire government plan. This matter was agreed upon at its last meeting the day before yesterday, when it was agreed to start launching an open meeting workshop early next week, in order to reach decisions, in order to formulate the government’s plan in a different way. The attendees agreed that the Minister of Finance, within ten days, complete the discussion of the Legal Consultation Office and the company “Lazard”, regarding the plan and negotiate with the creditors, and submit recommendations for negotiations with the International Monetary Fund, before returning to the government to adopt a work program based on a plan New.

The background in which things are now managed reflects a clear weakness and regression in the position of the government from its president to the rest of its employees, especially in terms of recognizing that the Governor of the Bank of Lebanon is the one who decides monetary policies and no one can interfere in his work, and that the work programs of the banking sector are limited to it. Without others, and that there is no possibility even for passing laws that impose a mechanism for collecting any money from banks for the benefit of the public treasury.
The main amendments were based on considering the figures mentioned in the first plan “unrealistic” and that “the talk about anticipating ten billion dollars from the IMF, 11 billion from the Cedar program and 10 billion of the looted money, all of which are not useful in the treatment.” Also, considering that the calculation of costs or losses in hard currency was done on the basis of the price of the old dollar, i.e. 1500 pounds, and this is no longer realistic, which makes the adoption of the actual price “reduces the amount of losses in US dollars to the limits of a third.”

The patriarchy leaked that the shepherd’s interview with the “Vatican News” took place before his meeting with Aoun

The other waiver relates to the battle to recover the benefits that were paid through the financial engineering conducted by the central bank during five years, as the government team believes that «it was found that this step cannot be accomplished legally, and that it is almost impossible to take this step that conflicts with all laws and can The banks and the central bank have incurred large losses. This is known, and therefore, the restoration of the benefits of financial engineering requires the approval of a law in the House of Representatives, which the government team considers impossible. But the new trend is towards “adopting a new tax law that operates retroactively and allows for the recovery of about $ 15 billion deducted from the value of large deposits.” The government team talks about that “the plan will not forgive banks for wrongdoing and wrongdoing” and that banks “will lose a complete judgment on their capital and will have to recapitalize themselves even if this leads to bankruptcy.”
But the pole that is not hidden here, is the return of the safety and association of banks to the tone of “supporting the banking sector as the crown of the economy”, and that this “is done by taking over the process of restructuring, including mergers,” from the Bank of Lebanon. But «the most important thing is to provide the required financing in the form of loans provided by the Bank of Lebanon to these banks, to be repaid within a short period of time». Likewise, “the central bank undertakes to guarantee the recovery of these loans, without leaving the sector open in the way it was managed, and in addition to that the Bank of Lebanon will impose on banks not to take interest on the investments of banks that have it for a period of not less than three years, and this process will exempt the bank from paying towards Ten billion dollars in interest. ”
But the problem is due to the central point, about what banks call “the responsibility of the state to pay debts, and that it is a matter of state assets.” While the Banque du Liban and the banks felt that the government was not in the business of selling assets, this team moved to the alternative plan, which says: “that private sector companies be assigned to manage the state’s productive facilities for a period of 15 years, provided that the proceeds are used to pay the state’s debts to the Banque du Liban to In return, he pays them to the banks, which will then be able to pay the depositors ’money, and for these companies to obtain a management return without having any stake in the state’s subsidiaries».

Is the Ministry of Energy planning to lift fuel subsidies and impose a fait accompli by leaving companies to control the market?

While a committee meeting is supposed to be held soon to discuss the privatization file, President Diab was quoted as saying that “no productive sector in the country will be privatized, and the research will be detailed on any proposal in this regard.”
Why did the Ministry of Energy procrastinate in solving the diesel crisis?
On the other hand, it is not yet understood the reasons that prevent the availability of diesel in the country, with firm information about companies storing the material and withholding it from stations and citizens. According to what “Al-Akhbar” learned, companies continue to store the material, and sell it only on the black market at high prices, without paying attention to any government control, specifically from the Ministry of Energy. In recent weeks, the focus was on smuggling towards Syria, while no real measures were taken to find out the companies ’inventory, to remove the image of the real crisis in the monopoly game and achieve huge profits, as the importing companies, which monopolize the material today, previously bought diesel when Oil prices were low, and today it relies on higher prices in the future to double its profits and compensate for the declining profits caused by the collapse of the exchange rate, in a clear exploitation of citizens.
The questions grow around the role of the Ministry of Energy in controlling the market, forcing companies to sell their stocks, compensating for the shortfall, humiliating consumers in front of petrol stations, and the high standardization of owners of electricity generators, who find it difficult to obtain diesel at the official price. There is a fear of the hidden role of the Ministry of Energy in the continuation of the crisis and the high price of diesel in order to stabilize the high price and lift support for diesel in a disguised manner, before it was officially approved, under the pretext of combating smuggling and storage.

Shepherd and impartiality: the story of the oil jug
In turn, Patriarch Bechara Al-Raie has added to the headlines of the division in the country a new title, “neutrality”, without explaining how Lebanon can be neutral and the Israeli enemy is making every effort to threaten it every day. The sponsor’s proposition appears as if the problem of the Lebanese and Lebanon is in its position as an opponent and a peer to the Israeli enemy, and it is not that the failed quota system that ran the country about a hundred years ago failed to produce any real national authority, and the matter reached a state of complete collapse and the Lebanese depositors lost their money in the banks that accumulated The owners of riches. How can a fragile and weak state exercise neutrality while it is targeting and losing sovereignty and does not have its decision? Rather, how can a country in which you can only hold one official accountable and take refuge behind his community? The shepherd has exploits in this regard, especially converting it into any accountability for safety, in violation of the Maronites and Lebanon in the origin of its existence?
Two days ago, the sponsor’s meeting with President Michel Aoun appeared to be the title of a new station, in which the two parties agreed to reduce congestion, not increase it. However, Al-Ra’i’s statements, published by the “Vatican News”, showed an unjustified escalation against Hezbollah, and a coup against understanding with Aoun, before the Patriarchy returned and leaked that the interview took place before the meeting with Baabda.





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