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00:00 The page of the ruling party, Riyad Salim, who has led the country's monetary policy for
00:05 three decades, has been postponed to enter Lebanon with a new deal with the reception
00:10 of his first deputy, Wassim Mansour, the central government, in Inaba.
00:15 The executive power has been excused from appointing an original ruler in the light of
00:20 presidential months, constitutional disagreement, and the government spending business trying,
00:25 according to experts, to buy time to impose stability in the country.
00:29 "They are trying to cover themselves by asking the government for legislation, then
00:34 they are saying why don't we make the necessary reform laws six months later, which the
00:39 State Monetary Fund requested, which they assume that by its approval, Lebanon can
00:44 exit the tunnel and go to financial recovery.
00:47 As you notice, we are buying time in the months.
00:50 Riyad Salim used to buy time for the system in the years.
00:53 The ruling party is trying to buy time for the system in the few months only."
00:57 Four years of financial and economic crisis have failed to pass reform laws, such as
01:02 capital control law, financial regulation, and the restructuring of banks, and the inability
01:07 of banks to repay the estimated deposits of $100 billion in light of the hard cash
01:12 and the decrease in foreign currency reserves to less than $9 billion.
01:17 While the government is holding on to the central borrowing policy to pay off the salaries
01:22 of public sector employees and meet their requirements through the implementation of
01:27 a bill that allows them to obtain money in accordance with the new ruling in the
01:32 legal framework of the borrowing.
01:36 The half-monthly budget announced by the Central Bank of Lebanon recently included
01:41 the existence of about $16.5 billion in new debt for the benefit of the central bank
01:46 on the state, accumulated since 2007.
01:50 The central bank has secured $30 billion in the course of the year to fund the public
01:55 spending, mainly to cover the costs of buying fuel for the benefit of the Lebanese
02:00 Electricity Corporation.
02:02 A policy that has continued without passing reforms may, according to economists,
02:07 be a new financial plan that will intensify the situation and fail the negotiations
02:12 with the IMF.
02:15 A political, financial and ideological turmoil surrounding the future of national currency
02:20 and the fate of the money of the reserve holders and the central reserve in exchange for
02:25 significant official deposits and a lack of a reform plan that will bring Lebanon out
02:30 of its crisis and reality in the long term.
02:33 Elena Mrat, CNBC Arabia, Beirut.
02:36 [BLANK_AUDIO]