“Lebanon Debate”
It was clear from the observations made by the International Monetary Fund delegation that the situation in Lebanon is bad, which indicates that the Fund will not enter into a deal with Lebanon to float its economy in light of the failure of the Lebanese government to carry out the reforms requested by the Fund as a condition for concluding the agreement with Lebanon, especially since the Fund’s demand to write off Deposits without risks that may strike the government and constitutional institutions.
What path can the Lebanese government or state take until it reaches an agreement that satisfies the Fund and does not harm depositors’ funds?
In an interview with Lebanon Debate, economic expert Antoine Farah pointed out that after the recent visit of the International Monetary Fund to Lebanon, it became clear that the Lebanese state and government were unable to pass a plan that would write off deposits, and therefore it became necessary for the state to think of an alternative plan.
He reveals that today’s discussion regarding this plan returns to the issue of establishing a fund to give depositors rights from gas revenues in the future, and he saw that this proposal is a good proposal because the Fund will not reject this proposal on the grounds that gas revenues are not present in the Fund’s accounts and in the plan for the Lebanese economy and therefore will not There will be any surprises or changes in the state’s revenues with respect to the IMF.
He explains the positivity of the idea in terms of the fact that depositors will obtain their rights through this independent fund, in which a certain percentage of revenues will finance the fund to return deposits, and the fund, since the fund was established and given its rights, becomes able to sell these rights to obtain funds, or waits, given that these rights increase in value over time. If the quantities are good and the revenues are large.
He believes that this is almost the only solution until Lebanon is able to conclude an agreement with the International Monetary Fund and the government secures the return of a large portion of deposits to their owners, which is what must be done to restore people’s rights and contribute to reviving the economy and restoring confidence to the free economy and the banking sector, which allows for rapid economic recovery. .
2023-09-25 12:27:10
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