Bassil Says No to Ending Subsidies before Devising Full Plan

Free Patriotic Movement chief MP Jebran Bassil on Tuesday urged against lifting the subsidization of essential goods before reaching a “full plan” to deal with the consequences of such a move.

“More than a year ago, we demanded the gradual rationalization of subsidies through a decision from the government, a timeframe and a law from parliament to finance ration cards,” Bassil tweeted.

“This is a big decision that should be taken in agreement between the government and the parliament, after consulting with the central bank, and no one has the right to monopolize it and spark panic among the people,” Bassil added.

Noting that putting an end to “the exploitation of traders and smugglers” is “necessary and essential,” the FPM chief warned against lifting subsidization before “declaring a full plan and approving its funding.”

Commenting on the central bank’s "conditional" plan that would allow depositors to access part of their foreign currency savings stuck in Lebanese banks, Bassil said “any amount paid to depositors from their accounts, in any currency, is rightful and a duty.”

“It would also restore some confidence, lower the artificial dollar exchange rate and reactivate the economy,” the FPM chief added.