The Lebanese economic bodies underlined on Monday the “critical” economic, financial and social circumstances the country is enduring.
They therefore, called on political leaderships to take responsible initiatives to save Lebanon.
Politicians have been bickering for months over the formation of a new government. The delay is putting a severe strain on the economy. Lebanon is in dire need of a government able to implement the economic reforms the IMF says are needed to put its public debt on a sustainable path. Lebanon has the world’s third largest public debt as a proportion of the economy, and growth is stagnant.
Meeting at the Beirut Chamber of Commerce, Industry and Agriculture, the economic bodies hoped that the government would be formed in early 2019 so that it can begin taking the necessary measures “to put Lebanon back on track”.
They lamented the failure to form a cabinet despite seven months passing since Prime Minister-designate Saad Hariri was appointed to his post.
Commenting on social media posts of a planned general strike on Friday, the bodies asserted that they were not linked to the movement.
They said that such a strike would do more harm than good, noting that it was planned only days before Beirut is set to host the Arab economic summit.
The summit is scheduled for January 19 and 20.
Civil society groups had taken to the streets in recent weeks to protest against the poor economy and ongoing political impasse.
The economic bodies added that they will “not remain idle” as Lebanon continues to suffer, saying they will take an “escalatory stance when the time is right” to pressure politicians to form a government.
