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The Recovery
- Limit the budget deficit to 4% within 3 years, cut the electricity deficit to zero within 2 years, and rationalize the public sector employment policy.
- Overhaul and enumerate the losses of “Banque du Liban”, redirect its focus back to its core mission of maintaining currency stability and financial soundness in the banking sector, and gradually adopt a floating exchange rate.
- Reform the banking sector by encouraging consolidation, protecting small depositors, and ensuring the financial needs of citizens and the economy are met.
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The Recovery
- Limit the budget deficit to 4% within 3 years, cut the electricity deficit to zero within 2 years, and rationalize the public sector employment policy.
- After adopting a fair distribution of losses and putting an end to the public debt policy, restructure the public debt to be in line with international standards and the capabilities of the Lebanese economy and the production sector.
- Restructure employment policy and the public sector pension system.
- Overhaul and enumerate the losses of “Banque du Liban”, redirect its focus back to its core mission of maintaining currency stability and financial soundness in the banking sector, and gradually adopt a floating exchange rate.
- Approve and conduct an in-depth forensic audit of the “Banque du Liban” upon identifying a trusted entity (an international agency).
- Lift banking secrecy that operates without restrictions, conditions, or time limits to fulfil the forensic audit goal.
- Assert the independence of the Central Bank and limit its mission to preserving the value of the national currency, controlling inflation, and protecting the purchasing power of Lebanese citizens.
- Unify the Lebanese pound rate and gradually adopt a free-floating exchange rate.
- Reform the banking sector by encouraging consolidation, protecting small depositors, and ensuring the financial needs of citizens and the economy are met.
- Upon enumerating the losses of banks, agree to reschedule the public debt in light of the BDL's audit findings.
- Protect the largest possible percentage of small depositors based on the cost of emerging from the crisis, and a fair distribution of losses.
- Raise the bank capital requirements and encourage the swap of large deposits for shares (bail-in).
- Hold executive officials accountable for reckless monetary and investment policies in the previous period.
- Encourage investment in the production sector by limiting lending in the public sector and setting up specialized investment funds.
Read more about the "The Recovery" in the below links: