Mansouri: I Will Never Lend to the State and the Government Must Find Alternatives

On the eve of his departure from Lebanon to the Kingdom of Saudi Arabia, acting Governor of the Central Bank of Lebanon, Wassim Mansouri, confirmed to "Asharq Al-Awsat" that "the cash economy that Lebanon is experiencing cannot and should not continue." He stated that this cash economy will ruin the country, adding: "We need help. But if we do not help ourselves, who will help us?" Mansouri emphasized to his visitors that "Lebanon cannot continue and develop without relations with its natural Arab and Gulf surroundings." He added: "Everything we hear from friendly countries towards Lebanon calls us to find a political solution. They will find us by their side. This file is not in my hands, but it is my duty to urge them to finalize the laws related to currency and reforms to rebuild the economy. I believe that if this sector is built, the rest of the issues will be resolved." Mansouri confirmed that if reform laws are not passed, he will not agree to lend to the state. He said: "Even if a law is issued in the Parliament regarding borrowing, and there are no reform laws in return, I will not spend the money. This is my legal right. There is no law that obliges me to pay. There is a law that allows me to use people’s money to lend to the state, but I will not use people’s money. I refuse to use it for a simple reason: if it is not accompanied by reforms, we are throwing it in the air." Regarding the deposits of customers held in banks since the crisis erupted in October 2019, Mansouri said: "People cannot be treated as they are being treated now. This is a lack of respect for people and a lack of value for the state." He added: "Regarding depositors' funds, people must be informed honestly and work must be done to find serious solutions, and this can only happen in accordance with the laws I am calling for. The reform laws, which include (capital control), restructuring of banks, and the financial balance law. These three laws, along with a budget that minimizes the deficit as much as possible, if accomplished, can achieve balance."