Jumblat Warns Using Obligatory Reserves Would Bring Total Collapse


Progressive Socialist Party leader Walid Jumblat on Wednesday warned against spending from the central bank’s obligatory foreign exchange reserves.

“Away from political disagreement, I once again call on (caretaker) PM (Hassan) Diab to take essential decisions towards rationalizing expenditure, supporting citizens directly with the help of the World Bank and halting the subsidization of traders, because using the obligatory reserves would be a prelude to an all-out collapse,” Jumblat tweeted.

“Stop the ministerial, electoral, regional and international bets that subject Lebanon to the threat of obliteration,” the PSP leader warned.

An official source had earlier told Reuters that the central bank is studying lowering the threshold for obligatory foreign exchange reserves in order to continue subsidizing key imports next year.

Comments 4
Missing rabiosa 25 November 2020, 17:32

Want to stop total collapse? Don't blame the bank reserves. What you and your co-religionists and co-warlords need to get out of the stage once and for all. Your continued presence is what has brought the country to where it is today.

Default-user-icon Samir Mokdad (Guest) 27 November 2020, 13:56

I fully agree with you Rabiosa. Well said.

Missing kazan 25 November 2020, 20:53

when I see his face, I don't bother to read the article, a waste of time

Default-user-icon Samir Mokdad (Guest) 27 November 2020, 13:57

Well said Kazan