Economist Elie Yachoui considered that the year 2022 lacked real and basic achievements that would help a relatively exit from the rampant financial crisis in Lebanon.
In statements to “Sputnik”, Yachoui said, “Unfortunately, nothing important was accomplished.” Debt, sovereign bankruptcy destroyed the country’s image abroad and removed all donors, financial markets, funds and governments from this country, and this means that external borrowing is closed to it.
He added, “Therefore, there is only one path left for us to go back to be exposed to the outside financially, which is the International Monetary Fund. During 2022, no progress occurred with the fund, which means we had to finish this matter within two months to be exposed once more to the outside financial world, but this did not happen”.
On the level of the banking sector, Yachoui pointed out that “nothing happened to the sector, no recapitalization, which means pumping new cash capital, no merger, no financial purification, no liquidation, never, nothing was implemented.”
Yachoei believed that “the banking sector is a metaphor for a sector that applies unconstitutional circulars issued by the Central Bank, because all these circulars affect the sanctity of individual ownership. The same applies to Capital Control. This law is required by the Monetary Fund, and so far there is confusion, faltering, and groping by the House of Representatives.” In this regard, nothing has been issued at this level.
Nevertheless, Yachoei considered that “a banking platform is tantamount to a financial crime and represents a source of illegal profits.” He concluded, “Circulars are stealing from us, and banking is stealing from us what is left of it as a balance in the central bank, and merchants are stealing our dollars due to the high cost of living, and 80% of our money.” The Lebanese have become poor.”
Source: Sputnik
