LOC15:04
12:04 GMT
(with photos) BEIRUT, Nov 20 (KUNA) -- Lebanese Prime Minister Fuad Al-Siniora praised on Thursday His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's initiative of calling for the Arab Economic Summit, scheduled to be hosted by the Gulf state next January.
Siniora's statements came during the opening of the "Friends of Lebanon Conference for Investment and Finance: from Paris III to Beirut I", as he stressed that Lebanon should respond to H.H. the Amir's invitation to attend the summit.
The summit is to be held after the preparatory Arab Ministers of Finance meeting, to set the agenda and recommendations, in light of current conditions in the Arab world.
He asserted importance of setting joint Arab projects, to guarantee Arab communications and economic independence.
Al-Siniora stressed on the importance of combating recession, and providing job opportunities for millions of youth, in addition to preventing the lag of development. "Lebanon is expected to benefit from the international oil prices decrease, which therefore would lead to the decrease of financial deficit in Lebanon," he said.
He also warned from the World financial crisis, and its effect on Lebanon, that would lead to a major depression.
On the other hand, he affirmed that the Lebanese government is keen on holding parliamentary elections next spring.
Meanwhile, Head of Future party MP Saad Al Hariri assured that the financial crisis affecting the world is the first of its kind, and the most difficult, stressing on the importance of activating financial supervision.
He also called for joint Arab efforts to contain the financial crisis in the region, and assured that the "political and security situation in Lebanon is stable".
Lebanon Central Bank Governor Riad Salamah said, "the collapse of international markets leads to the resumption of financing to the conventional banks." "The downfall in oil prices and bourses' losses would have an effect on liquidity in the Arab World," he clarified.
Salamah called upon central banks to respond appropriately and coincide with international regulations to secure liquidity to the banking sector when needed.
He assured, all statistics show economic stability in Lebanon, expecting a fall in inflation by eight percent in 2008, in comparison to six percent last year.
Meanwhile, Minister of Finance Mohammad Shatah praised the "Lebanese Financial example" which attracted the interest of Arab and Foreign countries.
The conference that is organized by the Lebanese Economic and Business Group in cooperation with Lebanese Central Bank will continue for the next two days, including eight work shops dealing with the international financial crisis. (end) ah.asa KUNA 201504 Nov 08NNNN