Hariri contacts the IMF … $ 20 billion instead of $ 40?

Leah Al-Qazzi wrote in the Al-Akhbar newspaper under the headline “Hariri Communicates with IMF: Modifying the Banking Plan?”: “Prime Minister-designate Saad Hariri will not wait for the new government to be formed to start to work with your “executive” agenda. The one that was established during his father’s reign, despite his awareness that the country collapsed. And the revitalization processes of the beneficiaries of the system, whether they are bankers, businessmen, contractors, politicians or monopolists, are nothing more than the destruction of what remains of the country’s social structure. Hariri’s view is that more loans and “hot deposit” deposits will soon be withdrawn from the banking sector at the first “whistle” that is released. Sidr, or someone else betting to get it from the Arab countries, but at the same time, Hariri – and the rest of his “comrades” in the “financial world” – do not agree with the IMF on the loss figures of Banque du Liban and the banks, and who will be in charge of compensating them.

On this particular point, the point of view of the “Fund” was expressed in the financial exemption plan that was approved by the Hassan Diab government, and in which the company “Lazar” participated. The plan was not “perfect” and had many disadvantages, the most dangerous of which was the establishment of a sovereign fund to operate state property and real estate to pay part of the losses, and “simulate” the monetary fund in many measures that please to his ears despite its negative repercussions on society, to secure a program with him. However, it is recorded that it is the first time in this republic that the responsibilities are defined, and the Bank of Lebanon and the owners and shareholders of the commercial banks, who have reaped interest on the public debt of $ 90 billion since the decade of 1990, they are obliged to compensate part of the losses they caused. Hariri, a bank shareholder, friend of the bankers, and political protector of Riyadh Salameh, is the opposite of this image. The mere arrival of the prime minister, once again, is a “victory” for the team he represents, which plans to complete its work, as in the past, through the economic-financial plan that will be adopted. Based here, the information from “Al-Akhbar” indicates that an informal contact took place almost two weeks ago between representatives of the International Monetary Fund on the one hand, and the Hariri economic team on the other hand, in order to discuss measures to the next stage. Sources confirm that the Hariri team’s discussion focused on introducing amendments to the “banking plan” announced by the Association of Banks, which focused on the theft of public property to compensate for the losses of its owners, not to return the money of depositors that had been “evaporated”. In the first version of the “banking plan”, which was discussed with the delegation of the Monetary Fund and “Lazar” at that time, both rejected it, demanding to obtain $ 40 billion in state assets and their revenues, on the condition that they be real estate (and there was a focus on being Waterfront real estate) without public institutions. The amendment that Hariri proposes to the IMF, according to the sources, is to reduce the amount from 40 billion dollars to 20 billion dollars, “and the State returns to repay the debt bonds in foreign currency (Eurobonds), and no imposes no discount on treasury bonds. ” Sources add that the IMF’s response was not positive towards Hariri’s proposal. The fund still requires an agreement on the figures in Lebanon before resuming negotiations. Read the full article Press here.