Minister of Finance: Saving the Economy Can No Longer Be Delayed

Finance Minister Yassin Jaber affirmed that "regional tensions impose additional challenges on the Lebanese economy, but reform and restoring trust constitute the main gateway to reconstruction and driving the wheel of growth," stressing that "the agreement with the International Monetary Fund represents a certificate of the seriousness of the recovery path that the Lebanese state is taking, along with reforming the banking sector and continuing the digital transformation in public administration."

Jaber said that "the economic and financial situation in Lebanon lies between reality and aspiration," pointing out that "Lebanon is experiencing one of the most complex economic and financial crises in its modern history, after it turned into a crisis of trust affecting state institutions and the economy," noting that "the recent Israeli war exacerbated these challenges, after it left widespread destruction in the south and caused severe damage to homes, institutions, and infrastructure, which makes reconstruction a national entitlement that requires above all restoring trust in the state and its institutions, because the Arab and international communities will not contribute to rebuilding unless they are assured of the existence of institutions capable of managing funds with efficiency, transparency, and accountability."

He added: "The continuation of regional tensions, especially in light of the confrontation between Iran and Israel, imposes a state of uncertainty that directly affects investment, tourism, and trade," affirming that "the Lebanese economy does not live in isolation from its Arab and regional surroundings, and any disruption in the region affects recovery opportunities." But he stressed in return that "Lebanon still possesses human energies, competencies, and potentials that qualify it to regain its position, provided a strong state with its institutions is built, along with modern governance based on laws, governance, and transparency."

Jaber affirmed that "the government views reform as a national necessity before being an international demand," considering it "the only way to save the interior and rebuild the state, not a response to external pressures." He said that "the agreement with the International Monetary Fund is not a goal in itself, but a message of confidence to the international community, donor countries, financial institutions, and investors that Lebanon has actually entered a phase of serious reform, opening the door to restoring investments, securing necessary support for reconstruction, and driving the wheel of growth."

He stressed that "economic recovery cannot be completed without reforming the banking sector and rebuilding trust in it, preserving depositors' rights and restoring banks' natural role in financing the economy, investment, and production," pointing out that "banking reform constitutes a cornerstone in the path of economic recovery."

He explained "that the reform program also includes modernizing public finance, strengthening rational governance, and developing the tax system," noting that "the Ministry of Finance is implementing an integrated program for digital transformation based on the conviction that modern administration is the real gateway to enhancing trust between the citizen and the state, by simplifying procedures, speeding up transactions, reducing bureaucracy, and enhancing transparency and equality, so that the law becomes the only reference, and modern systems replace arbitrariness and intermediaries."

He affirmed "that the ministry continues to expand its digital services to keep pace with the requirements of modern administration, improve public service, and protect public funds."

He said that "Lebanon still possesses elements of strength that enable it to regain its economic position, foremost among them human competencies, the private sector, and the Lebanese diaspora, in addition to historical relations with Arab countries, especially the Gulf states," expressing his aspiration to "restore these relations to their full momentum and the return of Arab investments to contribute to reconstruction and development."

He concluded by affirming that "saving the Lebanese economy can no longer be delayed, and that the responsibility of the state, its institutions, the private sector, and civil society lies in rebuilding trust between the citizen and the state, between depositors and the banking sector, and between investors and the Lebanese economy," considering "that restoring this trust is the natural gateway to the return of investments, launching the reconstruction process, and putting Lebanon back on the path of growth and stability, because recovery is not made by miracles, but by national will, competent administration, and hard work."