President Aoun: ‘Economic and financial crisis in Lebanon has not been spur-of-the-moment’

Lebanese President Michel Aoun confirmed today that the complex economic and financial crisis taking place in the country has resulted from successive accumulations and incorrect policies and practices employed by the state. The most notable is the adoption of a rentier economic system, as well as overlooking production industries favouring rapid over stable and permanent profits that come from the sectors of production, services and technology causing the current recession. President Aoun added that the coronavirus has only exacerbated the inevitable fall.

The Lebanese president announced at the beginning of a meeting with the leaders of parliamentary blocs to discuss the government’s financial reform program that was approved a few days ago, that: “Everyone is concerned with the rescue plan, not just one actor or one political party.”

Aoun called for rising above political feuds and personal interests and cooperating to overcome the crisis, indicating that the government’s financial recovery program is a rescue plan accompanied by a request for support from the International Monetary Fund (IMF).

The rescue plan aims to repair structural imbalances with regard to the economy and the national cash flows, to secure social safety networks, provide vulnerable groups with direct assistance, and restore confidence in the Lebanese economic and financial system, in addition to curbing public debt in a way that protects the country from future risks.

Aoun stressed the need to start taking immediate executive measures to restore confidence in the state and the banking sector locally and internationally, and to adopt quick and necessary steps on this issue.

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