The political forces of the republic, steeped in contradictions, are unable to consolidate to get the country out of the crisis.
Chairman of the Lebanese Economic and Social Council Charles Arbid During an emergency meeting, he said, without competent leadership, the republic could be “forgotten”.
According to him, Lebanon will join the ranks of the current leaders who are unable to cope with the crisis and states “forgotten and left to the mercy of fate”. In this case, the country will drown in poverty and violence.
The situation in the republic at the moment is extremely unstable. The value of the national currency fell to 81 thousand Lebanese lira per dollar, and the operations of the Central Bank (BDL) decreased to 10 million dollars per day due to the loss of position in the black market.
To make matters worse, many of the Republic’s financial institutions went on indefinite strike on February 6, in connection with legal proceedings and parliamentary attempts to push a capital control bill. The Lebanese Banks Association, which refused to take responsibility for the crisis in the country, demanded the suspension of the proceedings regarding the abuses in the banking sector and the blocking of the receivables from the depositors.
Investigators from EU countries who arrived in Lebanon last month as part of the lawsuit against the BDL head Riyadh Salami, called in for questioning, and a number of other bankers. The association welcomed this approach extremely negatively, pointing out that such actions negatively affect the working process. At the same time, he learned about the plans of the republican leadership to supervise the 14 largest financial institutions of the country in accordance with the recommendations of the International Monetary Fund: banks were suspected of illegally transferring money abroad.
In addition, the conflict of interest of various political forces in the country is also fueling the fire. Legislators were unable to set a meeting date the day before to discuss and approve the draft on capital controls.
This law is one of the necessary conditions to receive assistance from the IMF. But lawmakers refused to hold the session until the new president was elected. So the parliamentarians are still in a stalemate: the rivalry between the pro-Iranian parties (mainly Hezbollah) on the one hand and their opponents on the other, does not allow a candidate to be elected for the presidency. At the same time, the systematic drifting of the country into the abyss and the worsening of the situation day by day do not contribute to reconciliation.
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