World Bank regional chief 'optimistic' about Miqati's reform efforts

Prime Minister Najib Miqati co-chaired Monday the fourth meeting of the Consultative Group of the Reform, Recovery and Reconstruction Framework (3RF).

The 3RF Consultative Group consists of the Government of Lebanon, Lebanese civil society, the European Union, United Nations, the World Bank, and international donors. Together they monitor progress and give strategic direction to the reforms and activities under the 3RF.

Deputy Prime Minister Saadeh Shami said that the conferees discussed in the meeting at the Grand Serail restructuring the banking sector, achieving an economic recovery plan and passing the capital control law and the state budget.

He added that the negotiations with the International Monetary Fund are ongoing, hoping to sign soon a preliminary agreement with the IMF.

The group co-chairs said in a statement that the members "took stock of the progress made to date under the 3RF supported programs and reiterated its call to address the protracted crisis."

"Discussions focused on three strategic issues, namely economic stabilization and recovery, social protection, and justice and accountability," the statement added.

U.N. Resident and Humanitarian Coordinator for Lebanon Najat Rochdi said for her part that the meeting had demonstrated the challenges and discussed the progress in the agreed work plan which includes achieving macroeconomic stability, social protection, independence of the judiciary and the fight against corruption.

She added that the needs of the Lebanese are a priority.

World Bank Regional Director in the Middle East Saroj Kumar Jha said he was optimistic about the national reforms program led by Miqati.

"There is a need for a reform plan that includes a financial program, debt repayment, restructuring the financial and banking sector, and developing social protection systems," Kumar Jha stressed.