Latest news with #BanqueDuLiban
LBCI
4 days ago
- Business
- LBCI
Lebanon and IMF continue negotiations at Finance Ministry
Negotiations between Lebanon's Finance Ministry and the International Monetary Fund (IMF) resumed Monday afternoon in Beirut, focusing on the country's Medium-Term Fiscal Framework (MTFF) and the guiding principles for financial policy in the coming phase. The discussions, which built on last week's meetings, centered on strategies aimed at restoring financial stability and encouraging sustainable growth. According to preliminary data compiled by the IMF delegation through meetings with Lebanese financial and economic institutions, potential solutions to the country's crisis remain viable, especially if the government continues implementing reforms. The MTFF being developed is intended to be both realistic and flexible, reflecting Lebanon's economic challenges while promoting fiscal transparency, discipline, and long-term structural reforms. Key components include prioritizing effective public spending tools in alignment with the country's development and social needs. Attending the meeting were Finance Minister Yassine Jaber, Economy Minister Amer Bisat, Director of Public Finance Georges Maarawi, Banque du Liban (BDL) Vice Governor Salim Chahine, and economic and financial advisors from the presidency, the Prime Minister's Office, and the Ministry of Finance. Representing the IMF was mission chief Ernesto Rigo and a team of specialized experts. Jaber and Rigo held a separate working session to assess progress since last Friday's talks and to prepare for the broader afternoon meeting. In a separate development, Minister Jaber, along with Maarawi and advisor Claudine Karaki, met with a delegation from the European Union that included representatives from the European Commission, the European Investment Bank, and the European Investment Fund. Discussions focused on advancing joint efforts in economic reform, infrastructure modernization, and digital transformation. The talks also emphasized the importance of private sector support and investment incentives, as well as the EU's interest in monitoring Lebanon's progress toward an IMF-backed reform agenda.
LBCI
22-05-2025
- Business
- LBCI
BDL pursues legal action over embezzlement allegations, commits to transparency
The Banque du Liban (BDL) announced it is continuing to take legal measures, in coordination with international law firms, to pursue any individuals—whether natural persons or legal entities—who held positions of responsibility within the bank or were directly or indirectly affiliated with it and are suspected of involvement in embezzlement or illicit enrichment. BDL's statement comes amid ongoing efforts to restore institutional credibility and financial transparency. It confirmed that Alvarez & Marsal, the firm tasked with conducting a forensic audit, has received all requested information necessary to complete the first phase of its assignment, commissioned by the Finance Ministry. The bank reiterated its readiness to cooperate fully should the Lebanese government choose to expand the firm's mandate. On the legislative front, BDL said it is working closely with the government and parliamentary committees to review proposed legal amendments, aiming to align them with existing banking regulations while safeguarding the bank's independence and authority. BDL governor expressed openness to engaging with stakeholders including depositors' committees, business associations, and the banking sector. He noted these discussions are focused on outlining the general principles and strategic roadmap BDL intends to follow to achieve sustainable financial balance. The statement emphasized that any reports concerning specific policy steps or proposals beyond the outlined framework are purely speculative and do not represent the bank's official position.
