Lebanon's Economy Ministry, WFP sign agreement to enhance price transparency and consumer protection

Lebanon Economy
2023-06-22 | 04:10
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Lebanon's Economy Ministry, WFP sign agreement to enhance price transparency and consumer protection
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3min
Lebanon's Economy Ministry, WFP sign agreement to enhance price transparency and consumer protection

On Thursday, Lebanon's Caretaker Minister of Economy and Trade, Amin Salam, signed a cooperation agreement with Abdallah Alwardat, the Country Director and Representative of the United Nations World Food Programme (WFP) office in Lebanon. 

Under this agreement, the program will provide technical assistance to the ministry in implementing a market price information system and issuing monthly reports on food prices. The aim is to enhance transparency in pricing and consumer protection.
 
In his opening remarks, Salam praised the support provided by Alwardat to the WFP and his continuous collaboration with the Ministry of Economy during these challenging times in the country, specifically in terms of consumer protection and price monitoring. 

He highlighted that through close collaboration between the General Directorate of Economy and Trade, the organization, and the Consumer Protection Directorate, they have benefited from the expertise of the WFP in the Lebanese market.  

Salam explained that as a result of this agreement, the Ministry of Economy would work with the organization to integrate the work of the Consumer Protection Directorate with the capabilities of the WFP, specifically in developing reports, price monitoring, and utilizing the accumulated data and information from years of work. This will ensure transparency, accuracy, and stable prices. 

He emphasized that technology plays a significant role in price monitoring and combating corruption and violations. The Ministry of Economy was in dire need of such a platform, and the organization has provided a modern and advanced platform to assist supervisors and the ministry's management in producing monthly reports on the market situation and price monitoring for essential products. 

The Minister of Economy affirmed that this partnership would yield significant results for the ministry and citizens alike by providing a clear view of price inflation, delving into details, and moving away from vague and general reports. 

Alwardat, on his part, stated that during any economic crisis, the role of the Ministry of Economy becomes crucial.  

He pointed out that the WFP, since 2012 and based on its extensive and decades-long experience, has collaborated with all partners in Lebanon. The organization is present throughout Lebanese territories, particularly in essential commodities distribution points, where regular and continuous price monitoring occurs. 

He mentioned that the mechanism signed would allow the Ministry of Economy to have periodic or weekly access to prices, and at the end of each month, the ministry will be able to produce a report on prices. 

He further emphasized that this partnership will enable the monitoring of a wide range of products, with the ability to add more as per the ministry's needs. 

Regarding consumer protection, he stated that if the ministry does not have prices, indicators, and a field team on the ground, the organization will provide them. Continuous price monitoring would not be possible otherwise.
 

Lebanon News

Lebanon Economy

Lebanon

Economy

Amin Salam

Agreement

United Nations

World Food Programme (WFP)

Market

Price

Transparency

Consumer

Protection

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