The Lebanon Debate: Dr. Fouad Zumkhal Urges Urgent Action to Prevent Economic Collapse

The Dean of the Faculty of Business Administration at the University of St. Joseph, Dr. Fouad Zmkhahal, does not hide his hope that the financial and economic realities in Lebanon will remain in a cycle of negative stagnation due to the slowness of the prejudice. in taking the necessary steps and measures for Lebanon to come out of the reality of collapse, emphasizing that the internal and external confidence factor has not been there, since there are no laws to order to bring back the banking sector, and there are no big plans to solve the investment crisis, while the Lebanese economy and the investors are paying the price.

In an interview with Debate Lebanon, Dr. Zumkhal confirms that the banking sector is in a state between life and death. even go bankrupt, while their assets and investors’ money are frozen in the Central Bank of Lebanon, he cannot restore his banking role due to the lack of laws and the government’s failure to agree to the new law -structural and management, as if there was a government. the one who does not want to regulate the sector or even leave the banks to bankruptcy.

Regarding the law on the restructuring of the banking sector, which was withdrawn from circulation in the caretaker government, Zumkhal says that unknown reasons stand behind the blocking of the restructuring plan. , knowing that the International Monetary Fund has assigned the restructuring of banks, and the Fund’s management reiterated this issue when the Lebanese delegations visited Washington on the second anniversary of the to sign an initial agreement, but so far there is no real plan on the other hand, there was a writing process in the government plan that was presented a few weeks ago of investments, as if there was a decision without warning not to deal with this issue.

As for how investments are due to the continued absence of this plan, Zumkhal says that the investors’ money is not there, technically, and that its value is equal to the value that the owner receives. depositor when intending to deposit any bank cheque. from his deposit in the bank.

Regarding the fear that Lebanon will be classified on the list of gray countries, Zumkhal talks about the fact that time passes without the state taking basic measures to deal with the risk that Lebanon will be classified on the gray list due to the cash economy, which attracts money launderers. and threatening to include Lebanon on the gray list and possibly later on the black list. .