Samir Geagea criticizes the 'devilish alliance' between Resistance Axis, FPM

Lebanon News
2023-08-08 | 06:51
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Samir Geagea criticizes the 'devilish alliance' between Resistance Axis, FPM
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Samir Geagea criticizes the 'devilish alliance' between Resistance Axis, FPM

In a recent press conference, Samir Geagea, the leader of the Lebanese Forces party, voiced strong criticisms against the ruling coalition he termed the "devilish alliance" between the Resistance Axis and the Free Patriotic Movement.

He affirmed that the Central Bank is the regulatory body for the banking sector in all countries. The fate of any country's economy depends on the banking sector, as it is responsible for the stability of the local currency and, according to the Monetary and Credit Law, acts as an advisor to the government, notifying them of any errors. 

Geagea asserted that the Ministry of Finance is the government's treasury, not the Central Bank, and the government should be responsible for controlling its expenses. Unfortunately, for years, the government has only acted according to clientelism.

He said, "A state cannot function properly without the regular functioning of its institutions, and after a month, we will complete a year within the constitutional deadline for electing a president. The Central Bank is meant to be an advisor to the government, not its cash box."

"In Lebanon, the government spends more than its revenues, reaching out to the Central Bank to cover the deficit," he said, pointing out that lending from the Central Bank to the government is against the law, and this practice will not be accepted. 

"The state has enough resources to secure the amounts it seeks to collect from the Central Bank, i.e., what remains of depositors' money," he added.

He also stated that the current government has at least 3 billion dollars that it can collect but goes to waste because of mismanagement. These resources have been in the laws for years, but the government selectively enforces its taxes. 

Regarding tax evasion, he mentioned that it amounts to around one billion dollars, while the government seeks to reach into people's pockets and their deposits that are taxed. If the government starts working efficiently, it can collect around 300 billion dollars. 

As for smuggling, he mentioned that it costs the state around 200 to 300 million dollars, with goods being smuggled from Syria to Lebanon, such as Iranian fuel and Syrian traders crossing through illegal crossings. In contrast, the state does not benefit from customs duties on these goods.

In conclusion, the new governance in the Central Bank has opened up new prospects, and he addressed Mansouri and the deputy governors, saying that the principles set forth are sound, and he hopes that no lending from the Central Bank to the government will occur.
 

Lebanon News

Lebanon

Samir Geagea

Lebanese Forces

Resistance Axis

Free Patriotic Movement

Government

Borrowing

Central Bank

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