Aoun to Bankers: No Turning Back Economically

President Michel Aoun on Tuesday reassured a delegation from the Association of Banks in Lebanon that there will be “no turning back” economically after “the general situation in the country witnessed a tangible improvement in the past two weeks.”

Aoun was referring to the period that followed his election as president after around two and a half years of presidential and political vacuum.

The president stressed “the importance of devising a comprehensive economic plan based on sectoral plans in order to boost the situation in the country.”

He also underlined the need for “coordination among the various ministries and public administrations and the endorsement of planning, because the State cannot be built without that.”

“The priority will be for developmental projects in which national capital can take part,” Aoun added, noting that “security and political stability must be accompanied with economic stability.”

Aoun's election and Saad Hariri's appointment as PM-designate have raised hopes that Lebanon can begin tackling challenges including a stagnant economy, a moribund political class and the influx of more than a million Syrian refugees.

Analysts have warned that Aoun's election will not be a "magic wand" for Lebanon, which has seen longstanding political divisions exacerbated by the war in neighboring Syria and has struggled to deal with an influx of more than a million Syrian refugees.

In addition to pledges of economic growth and security, Aoun said in his oath of office that Lebanon must work to ensure Syrian refugees "can return quickly" to their country.

Aoun also pledged to endorse an "independent foreign policy" and to protect Lebanon from "the fires burning across the region."