Lebanon’s fragile economic situation was the topic of discussions between World Bank officials and Lebanese leadership in Beirut Friday.
Prime Minister-designate Saad Hariri touched on the issue of economic reform in a meeting with World Bank Vice President for the Middle East and North Africa Ferid Belhaj and Regional Director Saroj Kumar Jha, a statement from Hariri’s office reported.
“We assured ... Hariri of the World Bank’s position that Lebanon should make substantial and serious reforms, especially in the energy and electricity sectors, in order to attract investments to Lebanon,” Belhaj was quoted as saying.
President Michel Aoun also received the World Bank delegation at Baabda Palace, when Belhaj expressed the World Bank’s continued support for Lebanon.
The World Bank official also spoke about the “urgent” need for Lebanon to carry out the comprehensive reforms committed to at CEDRE last spring.
Belhaj commended Lebanon for endorsing a national budget, but stressed the need to abide by and implement it.
During the meeting, Aoun underscored the importance of increasing parliamentary and judicial oversight of the government. The president also focused on continuing a process of combating corruption and implementing structural and financial reforms tied to CEDRE.
At the conference, which was held in Paris in April, the international community pledged $11.8 billion in soft loans and grants to Lebanon, a portion of which was contingent on reforms. But the monthslong government formation deadlock has hampered the process of enacting those reforms.
At Parliament’s most recent session, earlier this week, MPs endorsed about half a billion dollars in extra-budgetary spending.
