Al-Akhbar: La Banque du Liban leads the chorus of “intimidation” of continued support … and the target?

Al-Akhbar wrote:

The pressure returned with the launch of an “intimidation campaign”. The old / new argument is that the Central Bank no longer has enough dollars in the “reserve account” to import basic materials. However, does anyone have an answer – with the exception of Salama – on the size of the “usable reserve” of the total “reserve account”, so that the public is clear if the “intimidation” is justified or intended? exert political pressure? The only answer that the members of the Central Council have, and they generalized it, is that the amount ranges between $ 2.6 billion and $ 3 billion. It is noteworthy that the number is almost constant for months. The reason is simply that Riad Salameh “misleads” all officials and does not allow them access to any information, even if it is a right to reveal it to the public.

This does not deny the existence of a problem in the form of support in Lebanon, as in most countries support is aimed at benefiting the most affected groups in society. Whereas, comprehensive support for all residents means there is no justice in benefits and a continuation of the logic of concentrating wealth in the hands of a few at the expense of the majority.

For example, one of the country’s “wealth owners” has a billion dollars. You own more than one car, a driver and your companions, and each member of your family can pay the price of fuel no matter how high it is, but you benefit from importing it at the subsidized price. On the other hand, those who cannot own a car will not benefit from fuel subsidies and, at the same time, will be deprived of the implementation of an efficient and orderly public transport network that reduces cost. What is required, then, is nothing less than finding a new form of support that directly affects the affected groups, preceded by the development of policies that accompany the lifting of subsidies, and solutions to the issue of transportation, food, and access. to medicines and basic services. There is no daily threat for people to stop subsidies, cut off fuel and gasoline, and, at a future stage, interrupt Internet service due to inability to pay providers, and to make “promises” they don’t make. nor are they fattening for “cards” to be distributed to the “needy.” How will the beneficiaries of the cards be determined in a country where the poverty rate exceeds 55%? If the state cannot issue registration documents, how can people trust the issuance of cards? After depositors’ dollars were stolen and their money confiscated in banks, and the social protection strategy promised to citizens was not approved and in-kind assistance was obstructed, why should they believe more promises? Whoever wants to cancel subsidies, or streamline them, is supposed to have started work months ago, released the card, tested its effectiveness, and addressed the gaps in it, before leaving people without a breadwinner to face their capacity collapse. consumption, the collapse of the currency and the crazy prices.

Last night, the exchange rate on the “black market” reached more than 8,300 pounds to the dollar. It is true that the factors of its increase are “justified” by the financial / monetary crisis, but an essential part of the exchange rate is controlled by political manipulation. However, the “chorus” that incites against the support is the same that protects Riad Salameh, prevents the application of the law and imposes criminal scrutiny on all BDL accounts, until the value of the losses, liabilities and liabilities, and the remaining sums, be really clear. It is not unlikely that the “demonization” of support is finally the prelude to a circular that the Central Bank will issue when it makes the decision to stop paying for the import of subsidized materials, or to reduce subsidies to certain basic products, and pour this into the category of political pressure for Saad Hariri to impose his conditions on the formation of the government.