We will fix the dollar at 12,000 lira

A delegation from the International Monetary Fund, headed by Mahmoud Mohieldin, visited Lebanon yesterday, Tuesday, where he met Prime Minister Najib Mikati with the aim of developing an agreement on a rescue plan that would put an end to an accelerating economic collapse that began two years ago.

The Lebanese authorities had previously announced the formation of a delegation to negotiate with the International Monetary Fund, which includes Deputy Prime Minister His Excellency Al-Shami, Minister of Finance Youssef Al-Khalil, Minister of Economy and Trade Amin Salam and Governor of the Banque du Liban Riad Salameh, provided that it will seek the assistance of experts from the specialists according to the topics or files raised in the negotiation process. .

interior house arrangement

In this context, Minister of Economy and Trade Amin Salam told Al Arabiya.net that “the priority of the IMF is to address the issue of Lebanon’s failure to pay debts, and to protect the rights of depositors, especially the small ones, in addition to developing a comprehensive economic plan that includes new figures that determine the size of losses.”

He also pointed out that “the Fund asked the government to “arrange the internal house” in terms of agreeing on a clear economic plan with unified numbers, and this is what will happen, as we cannot go to negotiations on the impact of internal disagreements over the distribution of numbers and reforms.”

He suggested that “a Memorandom of understanding with the International Monetary Fund will be reached before the end of the year.”

The economic crisis in Lebanon (AFP)

dollar fixing

As for the economic situation and living conditions in the country, as well as the flight of the dollar exchange rate, Salam revealed, “The government will work to control the dollar’s evasion and its stability at the price of 12,000 pounds in the coming months.”

He also explained, “The opening of the door for aid again to Lebanon is linked to our commitment to negotiations with the International Monetary Fund, and the coordinator of international aid for Lebanon, Ambassador Pierre Dukan, who previously visited Beirut and gave positive messages that the CEDRE money (an international conference organized years ago under the auspices of France to Aid to Lebanon) is still present, but its action depends on how positive we will be dealing with the IMF, in addition to our commitment to carrying out the reforms they demand.

The economic crisis in Lebanon and the deterioration of the lira (AFP)

recovery plan

In addition, he said, “The recovery plan set by the Ministry of Economy must be combined with a plan for the advancement of productive sectors such as industry,” revealing that “the World Bank has expressed its willingness to support small and medium-sized enterprises and interests, especially those affected by the explosion of the Port of Beirut, and it is monitoring for this purpose. An amount between 25 and 70 million dollars.

Arab Relations

The minister stressed, “There is no exit from the existing crisis without restoring international confidence and the assistance of the International Monetary Fund, pointing out that Prime Minister Najib Mikati is keen to activate contacts with the Arab neighborhood and strengthen the relationship with it.”

He also revealed foreign visits that Mikati intends to make to Gulf countries.

The economic crisis in Lebanon (AFP)

finance card

As for the financing card that the government promised to release to help poor families, he explained that “it will soon be launched through the Impact platform, which is approved to register those wishing to take the Corona vaccine, because it has proven its effectiveness and success, and it will be under the supervision of the Central Inspection as a monitoring body, and registration will be open to all Lebanese families, but the evaluation of The family’s living situation will depend on certain conditions, including raising the family’s banking secrecy to see if they are eligible for the card.

Dire economic and living conditions in Lebanon (archive – AFP)

It is noteworthy that the economic collapse, which the World Bank has ranked among the worst in the world since 1850, has depleted the Central Bank of Lebanon’s hard currency reserves over the past months and lost the Lebanese pound more than 90% of its value and put 78% of the Lebanese under the poverty line, amid emigration by thousands. For the able and affluent.

Lebanon’s loss of the international community’s confidence in the ruling political class that did not carry out the required reforms in order to obtain support to save the economy made matters worse!

 
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