Lebanese PM stresses political, economic relations with Arab countries

BEIRUT, April 25 (KUNA) -- Lebanon's Caretaker Prime Minister Najib Mikati stressed on Thursday his country's keenness to bolster investment relations with Arab countries, describing them as a primary trading partner.
This came during a speech he delivered at the opening of the Arab Economic Security In Light of Geopolitical Changes Forum, organized by the Union of Arab Banks at Beirut's Phoenicia Intercontinental Hotel.
Prime Minister Mikati expressed his country's gratitude and appreciation to the Gulf Cooperation Council (GCC) countries for their help to Lebanon..
He pointed out that the major national challenge lies in the presidential vacuum and the failure to elect a new president of the republic, and the ensuing institutional and political instability, not to mention the exacerbation of the economic and financial crisis and the failure to embark on the reform plans and economic and financial recovery." "Challenges continue to grow sharper with Israeli occupation's continuous occupation of areas in our land in the Lebanese south and its persistent aggression, attacks, and daily violations of the Lebanese sovereignty and the provisions of UN Security Council Resolution 1701," he added.
Mikati said "We are seeking to adopt a new financial path, renew the monetary policy, embark on implementing the recovery strategy, and reach an agreement over a comprehensive reform plan to put the Lebanese economy on the track of salvation and recovery, through tight collaboration with the international community and its institutions, the World Bank, the International Monetary Fund, the donor sides, and our friends and brothers." On his part, Chairman of the Investment Committee of the Union of Arab Banks (UAB) Sheikh Mohammad Jarrah Al-Sabah said Kuwait always supports Lebanon in time of need, especially in the face of the economic crisis it is suffering from and security risks in southern Lebanon.
Al-Sabah added that Kuwait is working to "support the path of recovery and reform in Lebanon and contribute to achieving stability and growth," pointing out that the UAB is exerting its capabilities to rekindle investments in Lebanon.
He also expressed his hope that the forum would provide opportunities to Lebanon and to regain the confidence of the Arab community and wished Lebanese government to develop a plan that would allow the recovery of the money of Lebanese and Arab depositors in order to preserve confidence in Lebanon's economy and its banking sector.
For his part, Acting Lebanese Central Bank Governor Wassim Mansouri highlighted the geopolitical tensions taking place in the region, which have has profound effects such as inflation, economic growth, and budget deficits.
Mansouri explained that the risks resulting from these tensions are exacerbated in which global economies have become interconnected.
"Lebanon has been in a vicious circle for five years," he stressed that its exit from its deep economic crisis requires accountability through the judiciary and developing a clear plan to treat depositors' funds and rebuild the economy by re-establishing the banking sector as well as its apparatus.
Meanwhile, the forum will continue to discuss economic security and the impact of geopolitical changes and turmoil in the Arab region on the economic sectors and banking financing, economic and structural reforms required in light of instability, and cybersecurity and its impact on Arab economies as well as the current banking and monetary reality in Lebanon. (end) ayb.hs