'Lebanon Has a Chance to Restore Stability,' Chief Economist Says
As Lebanon’s newly appointed ministers focus on setting a plan to save Lebanon from the current financial and economic crisis, chief economist for the Middle East and North Africa at the International Finance Institute, Garbis Iradian, said in report there is still hope for Lebanon to restore stability, al-Joumhouria daily reported on Friday.
Iradian revealed to the daily a report he prepared entitled "Lebanon has an opportunity to restore stability" and includes the following ten steps to address the crisis:
1- Reduction in interest rates.
2- Restore vigor to the banking system.
3- Pursue financial adjustment to address the deficit.
4- Reform the Electricite du Liban Authority.
5- Seek an International Monetary Fund program.
6- Reschedule the country’s debt.
7- Unify exchange rates under stable conditions.
8- Privatize cell phone companies and other public institutions.
9- Reduce corruption.
10 - Create a social aid fund.
Iradian said the risks remain, as the cabinet may resign or be subject to intense pressure which may hinder financial and structural reforms.
The impact of the financial crisis on the economy, families, companies and major services sectors in the economy may also be greater than expected, he concluded in his report.