Lebanese Prime Minister Najib Mikati will inaugurate the activities of the Beirut Economic Forum 2022 at 9:00 AM on Thursday, November 24, at the Venice Intercontinental Hotel - Beirut. The forum, organized by the Union of Arab Banks, will bring together 500 banking and financial figures over two days under the theme: "Arab Experiences in Economic Reform Towards an Agreement with the International Monetary Fund."
Dr. Joseph Torbey, President of the Union of Arab Banks and Chairman of its Executive Committee, stated that this is an important experience for Lebanon and Arab countries, as well as the Fund, to sit together and share expertise, experiences, and results. He noted that the topic is currently significant in Lebanon, with ongoing needs for legislative measures and government actions to clarify the Lebanese government's stance on key issues requested by the IMF. The forum will provide an opportunity for a review by the Lebanese official institutions and participating Arab states that have previous experiences with the Fund and continue to cooperate with it. Dr. Torbey hoped this conference would be a new initiative to revive conferences in Beirut.
For his part, the Secretary-General of the Union of Arab Banks, Dr. Wissam Fattouh, said that the Union once again bets on holding this forum in the Lebanese capital, as the qualitative participation of banking and economic delegations from various Arab and foreign countries confirms the high level of trust in Beirut as a conference capital. He noted that the Union's decision was supported by its Board Chairman, Mr. Mohamed El-Etriby, and Executive Committee Chairman Dr. Joseph Torbey, to designate the Lebanese capital as the venue for the forum.
He added that the forum takes place amid negotiations between the Lebanese government and the IMF aimed at reaching an agreement under which the Fund provides Lebanon with financial and technical support in exchange for the Lebanese government's commitment to a comprehensive reform program. A comprehensive paper, prepared by Union experts as a neutral party, will be presented, containing proposals and visions for the economic, monetary, and banking reform program that the Lebanese government can adopt to exit the crisis and present it to the Fund within the context of negotiations.
Dr. Fattouh mentioned that the Union has invited a group of Arab experts to the forum to present their countries' experiences in negotiating with the IMF and how to reach agreements with it. He concluded that the forum comes at a time when some Arab countries are adopting reform plans for their economies in coordination and negotiation with the IMF, providing them with a new opportunity to restructure their economies. This forum will serve as a high-level platform to showcase the experiences of these countries, understand the difficulties and challenges they faced, and benefit from them in their negotiation path with the IMF. The forum will also address the issue of the crisis of recovering depositors' funds in Lebanon and present the reform paper prepared by the Union of Arab Banks to revive the Lebanese economy.
