Former Minister Raed Khoury urges restructuring banks, collaboration with IMF

Former Minister Raed Khoury confirmed that depositors' money will return only by linking it to the Lebanese economy; thus, a sovereign fund is established in which projects related to public and private sector companies are placed because "the more we help the private sector to manage work with state property and its privileges, the more we enlarge the economy and return depositors' money." 

He stressed that there is only 10 percent of the depositors' money, and his plan is based on reconstituting the deposits, saying: "They are gone, but we can bring them back to life." 

Khoury believed that the private sector could take risks in light of the worst public sector management in human history. 

Khoury affirmed his support for the restructuring of banks and the agreement with the International Monetary Fund (IMF) and expressed his fear for the banking sector because there is something that neither the IMF nor the Lebanese state wants to admit, which is that the IMF plan can wipe out deposits. 

The former Minister also blamed the Lebanese negotiator for not knowing how to negotiate appropriately and said: "They do not want to restructure the banks because there is a hidden pole." 

He said, "The introduction of new banks is a positive matter and indicates that Lebanon is on the right path of reform, but this authority is only for the Central Council of Banque du Liban." 

Khoury said, "No foreign or non-foreign bank is willing to take a license and start operating in Lebanon before restructuring the banks. This is considered a risk after serious mistakes that have been made."