Lebanon faces the needs of recovery and reconstruction estimated at $ 11 billion

The Lebanese delegation, headed by Finance Minister Yassin Jaber, concluded its meetings in the spring meetings of the Monetary Fund and the World Bank in Washington with a series of meetings of great importance, the most prominent of which is the dialogue table for Lebanese financing in the field of recovery and reconstruction through the Lebanese emergency assistance project (Leap), which brought together all the international parties concerned from the World Bank and the International Monetary Fund, along with representatives of organizations, bodies, funds and international countries And in Arabic, the ways to finance the reconstruction and recovery projects, determine the priorities of financing, and direct the resources necessary to implement projects that contribute to enhancing economic recovery, with a focus on rehabilitating the basic infrastructure and providing ways to develop the capabilities of Lebanese society and livelihoods for affected societies, and meet with the World Bank Group in the presence of the Director General of Operations at the Bank of Anna Pyberde who discussed the financial needs of Lebanon.

In addition to the meetings of the Lebanese delegation, Minister Jaber had a series of meetings centered around the same purpose, including with the head of the OPEC Fund, Abdul Hamid Khalifa, who was described as the fruit, where Khalifa expressed the interest of the fund that he heads with financially and technically support Lebanon in more than one vital field that contributes to the reform workshop that he started with, and another with the Deputy Director General of the Monetary Fund Nigel Clark who expressed great optimism to achieve Lebanon through the opportunity available to him The support granted is not only a financial and banking reform, but also a ground for investment and social spending, which enhances stability on more than one level.

At the dialogue table meeting, Jaber, on behalf of the Lebanese government, affirmed its commitment to the path of economic and institutional reform, stressing that “the country has a historical opportunity to restore the confidence of the international community and Lebanese citizens alike.”

He also expressed Lebanon’s deep appreciation of the World Bank and donor countries for their continuous support, especially during the difficult years that witnessed a series of crises, from the financial and economic collapse to the outbreak of the Corona’s pandemic, to the explosion of the port, and recently to the devastating Israeli war that claimed more than 10,000 people and caused a displacement of 1.2 million citizens.

He pointed out that “the new government, with the support of the newly elected President of the Republic, began implementing a package of structural reforms, which included the approval of the 2025 budget, the launch of reforms in the banking confidentiality law, the development of modern tax laws, and the enhancement of governance and control in state institutions, especially in the energy, aviation, and communications sectors.”

He pointed out that “the government seeks to restructure the financial sector through the approval of the financial gap law and the strategy of restoring deposits, in line with international standards, in addition to expected monetary reforms in the Bank of Lebanon.”

Regarding the damages resulting from the recent war, Jaber explained that “Lebanon faces the needs of recovery and reconstruction estimated at 11 billion dollars,” calling on the international community to “contribute to the World Bank’s program funded by one billion dollars, which constitutes the basic mechanism of financing”, calling for expanding international support for the Lebanese army and strengthening the state’s sovereignty, stressing that “growth under the leadership of the private sector is the future of Lebanon, and this cannot be achieved from Without real partnership with the international community.