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The financial expert, Walid Abu Suleiman, said, through the agency “Akhbar Al-Youm”, that the plan drawn up by the government of Prime Minister Diab has expired, due to the developments that have taken place.
All doors are closed to solutions to the economic and financial crisis, except for the door of the International Monetary Fund, which the government of President Hassan Diab had called … But those negotiations stopped after the IMF delegation failed to he found the “true will to reform”, as each Lebanese party fights for its own benefit.
The discrepancy was evident between the government estimates of the total losses of state and financial banks and the estimates of the Central Bank and the Association of Banks. Most of the state’s debts go to the banks. The government estimated these losses at £ 241 trillion, and Parliament intervened through an inquiry committee that said the losses ranged from £ 60 to £ 91 trillion. But the IMF considered that the government’s figures are closer to reality.
The IMF also called on the government to take swift action, including exchange rate liberalization, forensic scrutiny of BDL accounts, and an official capital restriction.
Noting that, since the beginning of the negotiations, the exchange rate rose from four thousand to touch nine thousand against the dollar on the black market, before falling back to seven thousand with the assignment of Prime Minister Saad Hariri.
These negotiations, which lasted more than 16 sessions from May to the end of July, were based on the financial and economic rescue plan that was approved on April 6 and was based on 6 main interlocking components: financial, economic, banking and monetary, and social and development protection, which was supposed to be passed. The difficult economic stage, which can be 3, 4 or 5 years!
Today, six months after that plan, can the government of Prime Minister Saad Hariri, after its formation, take something to shorten the time, provided that a fund has found its numbers closer to reality?
The rise in the exchange rate is the main dilemma
The financial expert Walid Abu Suleiman clarified, through the agency “Akhbar Al-Youm”, that the plan prepared by the government of Prime Minister Diab has expired due to the developments that have occurred since its approval until today, and the most important of them is the high exchange rate of the dollar. In addition, the Lebanese state has stopped paying Eurobond interest since last March with no clear or alternative course, which may lead to a deduction from the value of the basic bond.
Abu Suleiman referred to several elements that are not clear in the plan of the government that resigned, including the Asset Management Fund, as these assets have not been evaluated to know how to manage them and who will take care of them and therefore So how will the revenue they provide be treated: will it go to the state treasury or will it go back to the fund itself, which will again lead to deficits.
And while underlining the importance of reconsidering this plan, he concluded by saying: The Monetary Fund had demanded the unification of the exchange rate, and today it cannot be set at the ceiling of 4 thousand, but it is much higher … and this is a point that requires serious study.
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