News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
28
o
Bekaa
19
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
23
o
North
30
o
South
28
o
Live
Video
Audio
Schedule
shows
العربية
watching now
The Stage
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
28
o
Bekaa
19
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
23
o
North
30
o
South
28
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Kulluna Irada meets with IMF delegation to discuss Lebanon's economic crisis and calls for genuine reform
Lebanon Economy
2023-03-21 | 06:52
High views
Share
Share
5
min
Kulluna Irada meets with IMF delegation to discuss Lebanon's economic crisis and calls for genuine reform
Kulluna Irada met with a delegation from the International Monetary Fund (IMF) visiting Lebanon as part of the Article IV mission that requires conducting annual bilateral discussions with member countries to gather necessary economic and financial information.
According to a statement, the fate of the commitments made by the Lebanese government under the agreement on employees signed with the IMF about a year ago in April 2022 was also discussed in the meeting.
During the meeting, Kulluna Irada highlighted that the ruling class has shown a lack of seriousness in reaching an agreement with the IMF, and has been using negotiations as a means to buy time while being eager to implement a shadow plan. The ruling class seeks to undermine any step towards implementing reforms and follows all delaying tactics to keep its commitments as just ink on paper.
"This indicates a lack of real intention to reform and facilitate the implementation of the four-year IMF program. Instead, it implements a shadow plan that involves diluting deposits, imposing more austerity measures on the weakest classes, affecting the prospects of recovery in Lebanon, and the shape of society in it. As a result, financial sector losses continue to accumulate, resulting in devastating results for society and the economy, accompanied by the complete disintegration of state institutions," Kulluna Irada added.
Kulluna Irada also pointed out the Lebanese authorities' persistent attempts to escape any accountability, while accountability is a fundamental pillar for any solution and the need to end the dominant amnesty approach to political life for three decades. Actual accountability starts with enshrining the principle of judicial independence and enhancing its role in establishing real justice.
"Lifting bank secrecy and revealing the identities of bank account holders are key to uncovering financial and non-financial crimes. Changing the leadership and governance of the central bank is crucial, as restructuring monetary policies and the banking sector cannot be done under the same management. This requires independence from the previous approach. Holding members of bank boards of directors, senior executives, and auditors responsible while waiting for investigation results is also necessary. Conducting an accounting and criminal audit of the Lebanese banking system, and revealing the links and processes between the Lebanese Central Bank and the banks are important steps," Kulluna Irada added.
Moreover, Kulluna Irada stressed the need to restructure the banking sector to address the banking gap and revive this sector while enhancing the central bank's ability to perform its functions. It is essential to distinguish between qualified and unqualified deposits in any compensation process based on the sources of these funds, whether they are clean or illegal funds.
"Protecting deposits below $100,000 after transparent and rapid audit operations on the banks' assets and their actual value is crucial. The contribution of public funds in the process of restructuring the banking sector should not exceed the financial capacity of the general budget. Not tampering with state assets and public property to rescue the banking system is another crucial measure," Kulluna Irada added.
Finally, Kulluna Irada underlined the need to address the root cause of the economic dysfunction caused by corruption, the inefficiency of public administration, redundancy, political jobs in administration, in addition to smuggling, lack of control over land borders, laxity in public facilities, tax evasion, and absence of economic policies in favor of influential and monopolistic groups protected by the political class.
"The economic crisis is ultimately part of the political crisis, and its severity increases as a result. Therefore, there is a need for a government with a genuine reformist and committed intention, which requires electing a new president for the republic and forming a government with a reform program to stop the crisis from rolling towards more dangerous areas," Kulluna Irada concluded.
Lebanon News
Lebanon Economy
Kulluna Irada
IMF
Delegation
Lebanon
Economy
Crisis
Reform
Lebanese
Next
Fuel prices rise in Lebanon
Recommended For You
d-none hideMe
0
Lebanon Economy
02:19
Fuel prices decrease in Lebanon
Lebanon Economy
02:19
Fuel prices decrease in Lebanon
0
Lebanon Economy
2024-07-23
Lebanon's rating unaffected by Fitch's decision, confirms Acting BDL Governor to LBCI
Lebanon Economy
2024-07-23
Lebanon's rating unaffected by Fitch's decision, confirms Acting BDL Governor to LBCI
0
Lebanon Economy
2024-07-23
Fitch Ratings confirms Lebanon's 'Restricted Default' status and withdraws ratings
Lebanon Economy
2024-07-23
Fitch Ratings confirms Lebanon's 'Restricted Default' status and withdraws ratings
0
Lebanon Economy
2024-07-23
Fuel prices decrease across Lebanon
Lebanon Economy
2024-07-23
Fuel prices decrease across Lebanon
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
10:42
US President Biden issues deferred enforced departure for Lebanese nationals, protecting them from deportation for 18 months
Lebanon News
10:42
US President Biden issues deferred enforced departure for Lebanese nationals, protecting them from deportation for 18 months
0
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
0
World News
00:55
Harris urges Netanyahu to alleviate Gaza's suffering: 'I will not be silent'
World News
00:55
Harris urges Netanyahu to alleviate Gaza's suffering: 'I will not be silent'
0
Middle East News
2024-07-19
Israeli military: Tel Aviv blast apparently caused by drone
Middle East News
2024-07-19
Israeli military: Tel Aviv blast apparently caused by drone
Videos
d-none hideMe
0
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
0
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
0
Lebanon News
2024-07-11
Hezbollah's Ibrahim Moussawi to CNN: Regional powers do not seek full-scale conflict
Lebanon News
2024-07-11
Hezbollah's Ibrahim Moussawi to CNN: Regional powers do not seek full-scale conflict
0
Lebanon News
2024-07-09
Hezbollah’s "Hudhud" shows new footage of Israeli sites
Lebanon News
2024-07-09
Hezbollah’s "Hudhud" shows new footage of Israeli sites
0
Lebanon News
2024-06-18
Hezbollah scouts areas in northern Israel: What the hoopoe came back with (Video)
Lebanon News
2024-06-18
Hezbollah scouts areas in northern Israel: What the hoopoe came back with (Video)
0
Lebanon News
2024-06-12
Over 100 rockets launched from southern Lebanon toward northern Israel (Video)
Lebanon News
2024-06-12
Over 100 rockets launched from southern Lebanon toward northern Israel (Video)
0
Lebanon News
2024-06-10
Video shows Israeli drone downing in Iqlim al-Tuffah, South Lebanon
Lebanon News
2024-06-10
Video shows Israeli drone downing in Iqlim al-Tuffah, South Lebanon
0
Middle East News
2024-05-21
Funeral ceremony of the Iranian president begins in Tabriz (Video)
Middle East News
2024-05-21
Funeral ceremony of the Iranian president begins in Tabriz (Video)
0
Lebanon News
2024-05-14
Exclusive LBCI interview: Canadian FM urges ceasefire and Resolution 1701 adherence in Lebanon talks, discusses Canadian support for LAF, UNIFIL
Lebanon News
2024-05-14
Exclusive LBCI interview: Canadian FM urges ceasefire and Resolution 1701 adherence in Lebanon talks, discusses Canadian support for LAF, UNIFIL
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
10:32
The Countdown Is On! Summer's Most Awaited Event: Miss Lebanon, Live Tomorrow at 8:30 PM on LBCI and lbcgroup.tv
Lebanon News
10:32
The Countdown Is On! Summer's Most Awaited Event: Miss Lebanon, Live Tomorrow at 8:30 PM on LBCI and lbcgroup.tv
2
Lebanon News
10:42
US President Biden issues deferred enforced departure for Lebanese nationals, protecting them from deportation for 18 months
Lebanon News
10:42
US President Biden issues deferred enforced departure for Lebanese nationals, protecting them from deportation for 18 months
3
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
4
Lebanon Economy
02:19
Fuel prices decrease in Lebanon
Lebanon Economy
02:19
Fuel prices decrease in Lebanon
5
Middle East News
00:05
Rockets launched at Ain al-Asad airbase in Iraq, no casualties
Middle East News
00:05
Rockets launched at Ain al-Asad airbase in Iraq, no casualties
6
World News
06:12
Airport at Franco-Swiss border evacuated for 'security reasons'
World News
06:12
Airport at Franco-Swiss border evacuated for 'security reasons'
7
World News
00:55
Harris urges Netanyahu to alleviate Gaza's suffering: 'I will not be silent'
World News
00:55
Harris urges Netanyahu to alleviate Gaza's suffering: 'I will not be silent'
8
News Bulletin Reports
13:05
War resolution: Netanyahu confronted with ceasefire demands in talks with US leaders
News Bulletin Reports
13:05
War resolution: Netanyahu confronted with ceasefire demands in talks with US leaders
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More