Salam delivers Lebanon's address at the UN General Assembly and meets Rubio in Washington

Beirut – Mansour Shaaban: Prime Minister Dr. Nawaf Salam is preparing to deliver Lebanon’s address at the high-level segment of the 81st session of the UN General Assembly in New York, which begins on Tuesday. He will also hold a series of meetings and consultations with various world leaders and international officials on the sidelines of the General Assembly, before traveling to Washington to meet US Secretary of State Marco Rubio, IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga, and other US officials.

Before departing for the United States, President Salam consulted with Speaker of the Parliament Nabih Berri regarding the full range of topics he intends to discuss during his meetings in New York and Washington, as well as the latest developments in the south. This front remains unstable, witnessing continuous daily airstrikes on targeted areas in Nabatieh, Fougha, Mansouri, and Khiam, alongside massive explosions and military clearance operations.

Meanwhile, Finance Minister Yassin Jaber presented a comprehensive roadmap for financial and economic reform and the restructuring of the banking sector to over 100 figures, including officials, experts, economists, and heads of economic bodies. The presentation took place during a dialogue session organized by the Leaders Club. Jaber emphasized that restoring confidence in the economy and the state requires transitioning from crisis management to building sustainable institutions and establishing clear, regular rules.

Jaber clarified the day before yesterday that the 2027 budget draft falls within a five-year medium-term fiscal framework, with a focus on increasing revenues by broadening the tax base, improving collection, combating evasion, and enhancing compliance, rather than through general increases in tax rates.

The IMF mission, led by Ernesto Ramirez Rigo, concluded its visit to Beirut, during which it discussed macroeconomic prospects and progress made in key economic and financial reforms. In a statement, Rigo said: “Under these extremely difficult circumstances, the mission commends the Lebanese authorities for their ability to maintain a degree of stability, including by continuing to follow prudent fiscal and monetary policies.”

The mission welcomed the progress made in budget management since the previous expert visit, describing it as an important step toward a more sustainable fiscal position. IMF experts also welcomed the approval of amendments to the law regulating and addressing the situation of banks, which align with international best practices and provide an effective, regulated framework for addressing and liquidating bank situations, thereby forming a suitable foundation for resolving the banking sector crisis.

Discussions with the authorities focused on the necessary amendments to align the Financial Stability and Deposit Recovery Law with international standards. IMF experts stressed, in particular, the need for the restructuring process to result in a sound and sustainable banking sector, preserving both fiscal sustainability and the sustainability of the financial sector. In this regard, efforts should focus on aligning the draft law with international principles and ensuring that the deposit repayment proposal is consistent with the banking sector’s viability and public debt sustainability.

In a separate development, the Executive Body of the Maronite General Council praised the “surprise” visit by President General Joseph Aoun to the south, noting that it carried a message of solidarity and support for the people, while clearly affirming that the state and its legitimate institutions are the reference and responsibility for protecting citizens and caring for their affairs across all Lebanese territories.

The Body expressed its support for the President and the government in their efforts to consolidate the state’s presence, protect Lebanon’s sovereignty, and launch a reform and development path, while rejecting the notion of Lebanon becoming a arena for regional conflicts.