By: Ya Libnan Editorial board
Let’s face it , none of the presidential candidates understand or able to handle the collapse of Lebanon’s economy which is the most important issue for Lebanon at this moment in time
The Lebanese economy remains severely depressed against continued deadlock over much needed economic reforms and high uncertainty. Despite the urgency for action to address Lebanon’s deep economic and social crisis, progress in implementing the reforms agreed under the 2022 agreement with IMF remains very slow.
Nearly a year after Lebanon’s draft IMF deal raised hopes it could finally pull together an economic reform plan to address its financial meltdown, political and financial elites are obstructing prospects of securing any rescue package.
Efforts to enact eight reforms sought by the IMF are going nowhere or falling short, hitting resistance from politicians who are shielding vested interests and dodging accountability.
Delaying their implementation only increases the costs to the country and its population .
Lebanon will likely have little to present to the Fund to back its quest to unlock $3 billion in aid, and adds to doubts over whether the government will ever come up with a plan to address the crisis.
The Lebanese pound has become almost worthless as retailers in Lebanon are demanding dollars for their goods and services after the pound lost about 99 % of its value
The only person who is qualified to fix Lebanon’s collapsed economy is Jihad Azour, who is currently the Director of the Middle East and Central Asia Department at the International Monetary Fund where he oversees the Fund’s work in the Middle East, North Africa, Central Asia and Caucasus.
Azour served as Lebanon’s Finance Minister in 2005-08, during which time he coordinated the implementation of important reforms, including modernizing the country’s tax and customs systems. Before and since his time as finance minister, he held a wide range of positions in the private sector, including McKinsey and Booz and Co. where he was a Vice-President and Senior Executive Advisor.
Azour holds a PhD in International Finance and a post-graduate degree in International Economics and Finance, both from the Institut d’Etudes Politiques de Paris. He also did research on emerging economies and their integration into the global economy as a post-doctoral fellow at Harvard. Azour has published several books and articles on economic and financial issues and taught extensively.
Lets forget about all the other candidates , neither Suleiman Franjieh nor Michel Mouawad or Army Chief Joseph Aoun are qualified to lead the country at this time
All the Lebanese are suffering because of the collapsed economy and all of the Lebanese will benefit from having a financial expert who can lead the country at this juncture , so lets stop wasting time and let’s get somebody qualified who can unite the country after it has been polarized for so many years.
Ultimately, the success of Lebanon’s financial system will depend on various factors, including a stable political environment, a strong legal system, and effective regulatory frameworks.
Some are pinning their hopes that unproven offshore gas fields may one day provide salvation, but these could take years to develop.
There is no magical solution for Lebanon’s collapsed economy , all it needs is a good captain capable of taking charge of it and Azour is the man
For once let’s think about Lebanon and the Lebanese people , can we ?
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