Riad Salameh crossed out 14 pages of the IMF’s 2016 report, warning at the time of the economic catastrophe

Riad Salameh crossed out 14 pages of the IMF’s 2016 report, warning at the time of the economic catastrophe
Riad Salameh crossed out 14 pages of the IMF’s 2016 report, warning at the time of the economic catastrophe

The Swiss newspaper, Le Temps, revealed that the Central Bank of Lebanon and its governor, Riad Salameh, crossed out 14 pages of a report by the International Monetary Fund in 2016 warning of the catastrophe that befell Lebanon after 3 years, and the newspaper said it had obtained a document about a meeting that took place. Between a team from the International Monetary Fund headed by its representative in Lebanon “Alvaro Pearce” and the Governor of the Central Bank of Lebanon Riad Salameh and a number of other officials of the Lebanese Bank on April 9, 2016.

This document says that the representative of the Monetary Fund opened his conversation with Salama by saying: “You are on the edge of the abyss.” The documents of the report prepared by the Financial Sector Assessment Program (FSAP) at the IMF showed their findings and proved that the net deficit of the Central Bank has a deficit of 4.7 billion dollars, which represents 10% of the gross domestic product.

They also pointed out that local banks do not have the necessary liquidity to face a potential crisis.

The Swiss newspaper said that this information might have allowed to reduce the tragedy that Lebanon has been going through since 2020, the worst since the Lebanese war between 1975 and 1990, as the poverty rate decreased from 28% to 55% in one year, and 6 million Lebanese were deprived of Access to their bank accounts, and in the presence of a shortage of oil and medicine, and yet “a bank and its governor succeeded in removing the basic data from the report.”

Source

Riad Salameh crossed pages IMFs report warning time economic catastrophe

 
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