Lebanese President Holds Talks with World Bank Officials to Restructure Loans

Arab World

June 8th, 6:58am

Beirut - Asharq Al-Awsat

Lebanese President Michel Aoun met Monday with Vice President of the World Bank for the Middle East and North Africa, Dr. Farid Belhaj (NNA)

Lebanese President Michel Aoun met Monday with a delegation of the World Bank Group headed by Vice President for Middle East and North Africa Farid Belhaj at the Baabda Presidential Palace. During the meeting, Aoun discussed with the WB officials the possibility of restructuring loans that have not been used yet, according to urgent priorities and Belhaj responded to the President's desire. Aoun asserted to the officials that the first tasks which the new government will undertake, upon formation, is follow up on reforms which have begun, foremost of which is the completion of Forensic audit, saying Lebanon cannot rise from the current crisis except through achieving reforms. The meeting came one week after the WB issued a report saying that Lebanon is enduring a severe and prolonged economic depression and that the economic and financial crisis is likely to rank in the top 10, possibly top 3, most severe crises episodes globally since the mid-nineteenth century. A Presidential statement said the two sides discussed the report, while Aoun pointed out that it was referred to the relevant authorities for study and comments. Also, the meeting tackled existing cooperation between Lebanon and the World Bank and the projects that are being studied. For his part, Belhaj stressed that the WB has always been on Lebanon’s side and will remain on its side. He also affirmed commitment to pay the loan allocated to the social safety net, worth 265 million dollars, with the possibility of adding 300 million dollars to support marginalized groups. The meeting also addressed the work of non-governmental organizations (NGOs) and civil society organizations and the role of official Lebanese institutions in following up on the work of these associations.

from Asharq AL-awsat https://english.aawsat.com/home/article/3015526/lebanese-president-holds-talks-world-bank-officials-restructure-loans