Baabda Conferees: Govt. Plan Sacrifices Less Costly than Complete Financial Collapse

The participants in Wednesday's meeting in Baabda between President Michel Aoun and parliamentary leaders said the sacrifices required to implement the government's long-awaited financial and economic reform plan remain less costly than "complete economic and financial collapse."

"The conferees welcomed the plan as a general framework consisted of several axes based on restructuring public debt and the banking sector and reforming public finances, in parallel with a plan to stimulate and grow the productive economic sectors and a social safety net plan," they said in the meeting's closing statement.

Among the attendants, only Lebanese Forces leader Samir Geagea registered his official opposition to the statement.

The statement said the plan entails "commitments linked to combating and eradicating corruption, while taking into consideration that the segments that are least immunized must be spared the repercussions of the economic and financial crisis, and that the money of depositors in banks must be protected."

The conferees also noted that in order to restore confidence at all levels, an executive program for the plan must be laid out.

It should involve "the issuance of legislative and organizational texts, executive orders and mechanisms for addressing accumulated flaws," they added.

They called for approving "structural reforms, controlling the rise in prices, protecting consumers, and showing keenness on implementing this plan on the short and medium terms."

"The conferees agreed on the need to alleviate the concerns of citizens and on the need to secure the plan's success and accept the sacrifices, which, albeit difficult, remain less severe than the repercussions of a complete economic and financial collapse," they said.

"This requires national union, profound awareness and dialogue with the private sector, especially the banking sector, in light of the threats to Lebanon's existence, entity and economic identity, which is stipulated in the preamble to the constitution," they added.

The meeting was attended by President Aoun, Speaker Nabih Berri, PM Hassan Diab, the MPs Talal Arslan, Asaad Hardan, Jebran Bassil, Faisal Karami, Hagop Pakradounian and Mohammed Raad, LF chief Geagea and the ministers Ghazi Wazni and Raoul Nehme.