President Aoun: Lebanon needs “six to seven years” to emerge from crisis | Business and Economic News

The Lebanese leader says the country needs six to seven years to recover from the deepest crisis since the 1975-1990 civil war.

Lebanon needs “six to seven years” to recover from the current crisis, the country’s president said.

In a televised interview on Friday, Michel Aoun said Lebanon did it it reached this point As a result of “systemic failures, theft, corruption, and failures,” and the “intellectual and practical” change needed to correct this would surely be implemented.

“What the Lebanese people are suffering and experiencing today is the result of the actions of those in power in the past who took charge of the lives of their citizens,” he reiterated. tweet.

Lebanon is in its third year economic crisis that began in 2019, when the financial system fell under the weight of high state debt and a lack of foreign currency as a result of corruption, economic management and unsustainable financing.

Aounen comments Antonio Guterres, the UN Secretary-General, made harsh comments about the reasons for the financial collapse in Lebanon and arrived a few days later in a video posted on social media.

“I understand that what happened in Lebanon is that Lebanon was using something similar to the Ponzi scheme … which means that along with corruption and probably other forms of theft, the financial system has collapsed,” Guterres said in the video. .

Many other critics of Lebanese authorities have compared the financial system to a Ponzi scheme, according to a new loan to repay the existing debt. The central bank has denied this.

The accident resulted in the loss of more than 90 percent of the value of the Lebanese pound, and the saver froze deposits in the paralyzed banking system.

Lebanese financial system expert Mike Azar said Guterres expressed similar views Tuesday at another closed-door meeting between the UN leader and members of Lebanese civil society.

Asked by Reuters, a UN spokesman said the Secretary-General’s views on the financial crisis were “fully expressed” at a press conference at the end of his visit.

In the news release, Guterres said Lebanese leaders must convince the international community to implement reforms to help Lebanon “in terms of the country’s economic, social and political life” and accept a “credible plan to revive the economy.” Lectures for an IMF support program.