Latest news with #Bisat
Iraqi News
13-05-2025
- Business
- Iraqi News
Lebanon's Trade Minister: Iraq is able to lead this phase wisely
Baghdad-INA Lebanese Minister of Economy and Trade, Amer Bisat, on Tuesday expressed confidence in Iraq's ability to manage the current phase wisely. Speaking at the ministerial-level preparatory meeting of the Economic and Social Council ahead of the Fifth Arab Economic and Social Development Summit, attended by the reporter of the Iraqi news agency-INA, Bisat described the event as taking place at what 'some consider an existential moment.' He stated that the Lebanese government has adopted two strategic choices: reintegrating Lebanon into the Arab fold and actively engaging in reconstruction efforts. 'There is an urgent need to restore Lebanon's place within its Arab environment,' he said. Bisat emphasized that the challenges Lebanon has faced have not weakened its will. 'On the contrary,' he noted, 'they have catalyzed a comprehensive reform process, which we are implementing through a five-point plan.' As a former president of the Arab Development Summit, Lebanon has closely followed the implementation of previous summit resolutions, Bisat added. He voiced strong confidence in Iraq's capacity to preside over the upcoming summit successfully. 'It is an honor to hand over the presidency of the summit to Iraq,' he said, expressing appreciation for Iraq's hospitality and its continued support to Lebanon. 'The challenges are significant, but our confidence in our ability to overcome them is greater still,' he concluded.
Arabian Business
15-04-2025
- Business
- Arabian Business
Lebanon minister pledges full depositor payment in economic recovery plan: Report
A senior Lebanese minister reportedly assured that domestic depositors will get their money back over time as part of any financial overhaul. Economy Minister Amer Bisat said the state, central bank and local banks will share the burden of repairing the crisis-stricken economy. Depositors promised full recovery The commitment to depositors is part of an attempt to break a stalemate on reforms, which are needed to unlock fresh funds from the International Monetary Fund (IMF) and help the country emerge from one of the world's worst financial crises. Officials have struggled to reach a deal for years, with local lenders refusing to shoulder the bulk of losses and forced consolidation, Bloomberg reported. 'Depositor protection is an extremely important part of the objectives that we have in place. That may require instruments, that may require delays, or some time passage in order to pay, but the idea is that nobody would lose their deposits. But it may take time,' Bisat told Bloomberg TV in his first interview with international media. The former BlackRock Inc. executive said the country's financial crisis – triggered in 2019 by a sharp decline in the foreign inflow of dollars – requires a 'collective solution' where each of the players pitches in. But it also needs to ensure the survival of the banking sector and the central bank's ability to conduct monetary policy. 'There's a limit to how much we can impose on each of them,' Bisat said. Lebanon's 2020 default crisis Lebanon defaulted on some $30 billion of international bonds in 2020 at the height of its financial crisis, causing the local currency to lose almost all of its value, inflation to hit triple digits and many to see their life savings wiped out. Bisat is confident a law approved last week to lift banking secrecy will be passed in parliament in the next few weeks, giving the government a better sense of the capital gap in each of the banks. From 2016, the central bank began to channel billions of dollars of depositor funds to cover the government's deficits and finance the peg. The overall hole is estimated at about $70 billion, more than triple the size of the economy. Despite the government's efforts to repair the economy, Bisat acknowledges global tensions over trade and its market impact pose significant risks, saying these could have a 'fairly large impact' on remittances from the country's diaspora, among the largest in the world. Maintaining the ceasefire between Iranian-backed Hezbollah and Israel is also key. The government is looking to organise an investor conference in September, which the minister hopes will showcase Lebanon and ' tells the world Lebanon is back in play, Lebanon is back in business.'
Ya Libnan
15-04-2025
- Business
- Ya Libnan
All depositors will be repaid over time, says Lebanon's Minister of Economy
File photo : Lebanon's Minister of Economy Amer Bisat Lebanon's Economy Minister Amer Bisat announced on Monday that depositors will eventually recover their funds, although the process may require time. His statement comes amid efforts to implement vital reforms to revive the country's shattered financial system. Speaking to Bloomberg, Bisat expressed confidence that Lebanon's parliament would soon pass a long-awaited draft law to restructure the country's banking sector. The cabinet had already given the green light to the proposed legislation over the weekend, a move considered essential for unlocking international financial assistance. According to Bisat, the financial burden of the crisis will be primarily borne by three parties: the Lebanese state, the central bank, and local financial institutions. This restructuring is expected to play a key role in addressing the massive losses caused by the economic meltdown that began in 2019. A high-level Lebanese delegation, including newly appointed central bank governor Karim Souaid, is set to meet with International Monetary Fund officials later this month during World Bank meetings in Washington. Photo: A damaged ATM is pictured in Beirut, Lebanon, March 17, 2021. The financial collapse of Lebanon resulted in depositors largely being shut out of their savings and the local currency losing 99% of its value. Poverty in Lebanon has more than tripled over the past 10 years, with the overall proportion of the country's population living below the poverty line is soaring , according to the World Bank. Since 2019, Lebanon has been grappling with a severe financial collapse that saw the Lebanese pound lose most of its value against the dollar and left many citizens unable to access their bank savings. The crisis, largely attributed to years of mismanagement and corruption, plunged much of the population into poverty. In response, the international community has consistently pressed for comprehensive fiscal reforms as a condition for releasing billions in aid to help stabilize the Lebanese economy. President Joseph Aoun emphasized on Monday that reform is not merely about meeting external demands but is crucial for securing the country's future. He insisted that rebuilding trust in Lebanon's economy requires action that benefits its citizens, not just foreign partners. (The Daily Star)
The National
14-04-2025
- Business
- The National
Lebanese depositors to get frozen funds back over time, Economy Minister pledges
Depositors in Lebanon will get their funds frozen in the country's struggling banks over time as part of an overhaul of the Lebanese financial system, Economy Minister Amer Bisat said. The state, central bank and lenders in the country will share the burden of repairing the crisis-stricken economy, he told Bloomberg TV in an interview on Monday. 'Depositor protection is an extremely important part of the objectives that we have in place. That may require instruments, that may require delays, or some time passage in order to pay, but the idea is that nobody would lose their deposits. But it may take time,' Mr Bisat said. The commitment to depositors, who have been waiting for their funds to be released for years, is part of an attempt to break a stalemate on reforms, which are needed to unlock fresh funds from the International Monetary Fund and help the country emerge from one of the world's worst financial crises. Officials have struggled to reach a deal for years, with local lenders refusing to shoulder the bulk of losses and forced consolidation to strengthen institutions and increase the size of their balance sheets. In September last year, Lebanon's then-interim central bank governor Wassim Mansouri said giving people their funds would not be 'impossible' and depositors should not 'have to wait for an extended period'. People in Lebanon have been waiting to access to their life savings stuck in banks since 2019, as the country endures a severe financial crisis. Lebanese banks imposed arbitrary restrictions on their clients since after the state failed to honour its bond commitments. The economy went into a tailspin and the Covid-19 pandemic exacerbated the country's economic crisis to historic proportions. The 2019 economic collapse was blamed on decades of financial mismanagement and corruption by Lebanon's ruling elite. Former central bank governor Riad Salameh has also been accused of helping to embezzle hundreds of millions of dollars from the central bank. Lebanon in March appointed wealth manager Karim Souaid central bank governor, filling a position that had been held by the interim chief since July 2023. Changes to Lebanon's banking sector are among the key reforms demanded by international backers and lenders before the country can receive assistance. In April 2022, Lebanon reached a staff-level agreement with the IMF on a comprehensive economic reform programme supported by a 46-month extended fund facility, proposing access to about $3 billion. However, Lebanese authorities have been accused of dragging their feet on the required reforms. Mr Bisat, a former BlackRock executive, on Monday said the country's financial crisis requires a 'collective solution'. But it also needs to ensure the survival of the banking sector and the central bank's ability to conduct monetary policy, he said. 'There's a limit to how much we can impose on each of them,' he told Bloomberg. The minister said the a law approved last week to lift banking secrecy will be passed in parliament in the next few weeks, giving the government a better sense of the capital gap in each of the banks. From 2016, the central bank began to channel billions of dollars of depositor funds to cover the government's deficits and finance the peg. Lebanon estimates its overall losses to surpass $70 billion, more than triple the size of the country's economy. Beirut aims to organise an investor conference in September, which Mr Bisat told Bloomberg he hopes it would tell the world that "Lebanon is back in business".
Nahar Net
14-04-2025
- Business
- Nahar Net
All depositors will get their money back 'over time', Economy minister says
by Naharnet Newsdesk 14 April 2025, 16:13 Lebanese depositors will get their money back "but it may take time", Economy Minister Amer Bisat said Monday. "Nobody will lose their deposits but it may take time," Bisat told American news agency Bloomberg, adding that he believes that parliament will pass a draft law on restructuring Lebanon's banking sector within few weeks. Cabinet had approved the law Saturday, in a bid to unlock international aid to help it emerge from an economic crisis it has suffered since 2019. The state, the central bank and local banks will share the bulk of losses, Bisat explained. Lebanese officials including new central bank governor Karim Souaid are due to meet IMF representatives later this month at a World Bank meeting in Washington. Lebanon's economic crash since 2019 has seen the Lebanese pound lose most of its value against the U.S. dollar and pushed much of the population into poverty, with ordinary people locked out of their savings. The international community has long demanded major fiscal reforms to unlock billions of dollars in international aid to restart the Lebanese economy in the wake of the crisis, blamed on mismanagement and corruption. President Joseph Aoun said Monday that reforms are not just a response to the international community's calls but should be carried out for Lebanon's own benefit.
