Lebanese Finance Minister Discusses Financial and Banking Reforms with IMF and World Bank Officials
Lebanese Finance Minister Yassin Jaber met with IMF and World Bank Group officials in Bangkok to discuss ways to support economic recovery, banking reforms, and addressing the financial gap.
Translated by Qiyas from كونا — Original source
Beirut, October 14 (KUNA) -- Lebanese Finance Minister Yassin Jaber held talks today, Wednesday, with officials from the International Monetary Fund (IMF) and the World Bank Group on financial and banking reforms and mechanisms to support the country’s economic recovery.
The Lebanese Ministry of Finance said in a statement that these discussions took place during a series of intensive meetings of a Lebanese economic delegation on the sidelines of the annual meetings of the IMF and the World Bank Group, held in Bangkok, Thailand, to discuss a draft law addressing the fiscal gap, restoring deposits, and the progress made in banking reforms.
The statement added that Jaber held talks with Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, who affirmed the Fund’s commitment to accelerating technical assistance for Lebanon, paving the way for a comprehensive program with the Fund, linked to the Fund’s mission to Beirut scheduled for November. Both sides, according to the statement, confirmed that cooperation is moving in the “right direction,” stressing the importance of enacting a “fair law that protects small depositors and restores confidence in the banking sector.”
The statement clarified that the Lebanese delegation presented, during another meeting with the IMF team, the efforts of three specialized working groups seeking to agree on basic principles for resolving the situation of banks, recapitalizing them, addressing sovereign debt, and ensuring liquidity. It also highlighted the growing social and financial pressures resulting from the displacement of citizens due to continuous Israeli occupation forces’ attacks in southern Lebanon.
In a related development, Lebanese Finance Minister Yassin Jaber met with Ousmane Dione, Vice President of the World Bank for the Middle East and North Africa region. They discussed the possibility of directing part of the financing toward small loans dedicated to solar energy, establishing a credit fund to support small and medium-sized enterprises, and accompanying electricity sector reforms in Lebanon and budgetary support.
The statement added that the Lebanese Finance Minister also reviewed with Norwegian Minister for International Development Espen Barth Eide the implications of the current situation on the economy and public finances, emphasizing the priority of securing the needs of displaced persons and the most vulnerable groups, strengthening social protection, and supporting recovery and reconstruction programs.
The official Lebanese delegation participating in the meetings, in addition to Finance Minister Yassin Jaber, includes Minister of Economy and Trade Amir Kabalan, Central Bank of Lebanon Governor Riad Salameh, General Director of the Ministry of Finance George Maarouf, Chairman of the Banking Control Commission Mazen Souaid, along with several advisors and representatives of the Presidential and Prime Ministerial offices.
Bangkok is hosting the annual meetings of the IMF and the World Bank Group from October 12 to 18, with a broad Kuwaiti and international participation comprising thousands of financial officials and economists to discuss global economic and financial challenges and ways to enhance monetary and investment cooperation. (End) F.Z. / S.M.A.
