{"id":65573,"date":"2023-08-04T05:27:08","date_gmt":"2023-08-04T10:27:08","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65573"},"modified":"2023-08-04T05:27:08","modified_gmt":"2023-08-04T10:27:08","slug":"lebanon-caretaker-pm-warns-of-total-collapse-if-reforms-not-implemented","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65573","title":{"rendered":"Lebanon caretaker PM warns of total collapse if reforms not implemented"},"content":{"rendered":"
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Lebanon caretaker PM warns of total collapse if reforms not implemented<\/a><\/h3>\n

The caretaker PM\u2019s warning comes as the Central Bank is considering completely halting its funding of the Lebanese state<\/p>\n<\/div>\n

\"\"(Photo credit: Dalati Nohra\/Handout via Reuters)<\/div>\n
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Lebanon\u2019s caretaker Prime Minister, Najib Mikati,\u00a0<\/span>warned<\/span><\/a>\u00a0on 3 August that the country\u2019s total economic collapse will be imminent in the event that the Central Bank and its newly appointed governor fail to implement reform policies called for by the International Monetary Fund (IMF).\u00a0<\/span><\/p>\n

“Lebanon will not be able to secure medicine or pay salaries in foreign currency, in the event that the monetary and economic plan presented by the Acting Governor of the Banque du Liban, Wassim Mansouri, is not approved,” the caretaker prime minister said.\u00a0<\/span><\/p>\n

“Mansouri’s plan is consistent with the government’s plans, and our goal is to approve these plans and not waste time because the goal is to save the country,\u201d he said.<\/span><\/p>\n

In reference to consultations made recently between Mikati and the interim bank governor, the former said that there is \u201charmony [in the Central Bank] with the government’s plans.”<\/span><\/p>\n

However, Lebanese media\u00a0<\/span>reported<\/span><\/a>\u00a0on 3 August that the\u00a0<\/span>Central Bank<\/span><\/a>\u00a0is considering completely halting its funding of the state as of Monday, 7 August.\u00a0<\/span><\/p>\n

Upon taking the reins of the Central Bank following the end of Riad Salameh\u2019s term last month, Mansouri said: \u201cI will not sign on any expenditure for financing the government if it contravenes with my principles or the appropriate legal framework.”\u00a0<\/span><\/p>\n

Days later, on 3 August, Lebanon\u2019s parliament failed to pass a law that would allow the state to borrow foreign currency from the Central Bank. Mansouri\u2019s condition for lending funds to the state from the Central Bank was the passing of the law, and the reimbursement of the funds \u201cthrough a realistic plan,\u201d\u00a0<\/span>Naharnet<\/span><\/i>\u00a0reported.\u00a0<\/span><\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Lebanon caretaker PM warns of total collapse if reforms not implemented The caretaker PM\u2019s warning comes as the Central Bank is considering completely halting its funding of the Lebanese state (Photo credit: Dalati Nohra\/Handout via Reuters) Lebanon\u2019s caretaker Prime Minister, Najib Mikati,\u00a0warned\u00a0on 3 August that the country\u2019s total economic collapse will be imminent in the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[150,418,434,3042,33090],"class_list":["post-65573","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-collapse","tag-imf","tag-international-monetary-fund","tag-lebanon","tag-the-cradle"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65573"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65573\/revisions"}],"predecessor-version":[{"id":65574,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65573\/revisions\/65574"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}