Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Minister Reveals Reasons for Lebanon's Economic Collapse


Sun 03 May 2020 | 12:44 AM
Taarek Refaat

The Lebanese Minister of Industry Imad Hoballah said that an essential part of the current collapse and downturn in Lebanon is due to the neglect of the industrial and agricultural sectors for decades, the marginalization of their vital role, and the primacy of other sectors that were not up to the hopes placed on them.

In a statement today, Hoballah indicated that the financial and economic reform plan prepared and announced by the Lebanese government a few days ago aims to restore stability and balance to the economy of Lebanon, even if this takes a period of time to face the challenges and the results of previous sterile policies.

"We must acknowledge that Lebanon needs a lot to recover. We, as a government, have only come to confront this mission, which we consider a national duty," he added, calling on the Lebanese people to bear with patience and support the government's efforts.

The Lebanese Minister of Industry Imad Hoballah He pointed out that the economic reform plan includes an essential chapter to restore the momentum to the industrial and agricultural sectors without neglecting the sectors of trade, tourism, and finance stressing that the government aims to restore to the industry its primary role in economic and social life, ensuring self-sufficiency from essential products and higher living standards.

"We, as a government, are determined to move forward in supporting industry to revitalize this vital sector, and to support other productive sectors, in order to ensure our social security, and to fortify our sovereignty. This undoubtedly requires effort, cooperation and a plan of action that we must all be partners in implementing in order to reach our goal," the minister concluded.

It is noteworthy that Lebanon has witnessed violent protests, including clashes with army personnel and throwing molotov cocktails at banks as the coronavirus lockdown hit the country with the worst economic crisis since the civil war.