Lebanon’s Minister of Economy & Trade has recently made a statement highlighting multiple key issues to be tackled during their mandate. During the statement, the minister laid out a macro agenda that includes formulating a medium-term economic framework, engaging in the ongoing negotiations with the International Monetary Fund (IMF) and supporting the restructuring of the banking sector, an initiative primarily led by the Finance Ministry.  Additionally, the Lebanese Minister of Economy & Trade announced plans to draft a report of the government’s medium-term economic vision for Lebanon and to develop a sector-focused economic study built on the updated version of the 2018 McKinsey report.  It is worth noting that the report, which had cost the state US$ 1.3 million at the time, proposed recommendations to boost the productive sectors and the country's exports, setting quantified objectivesfor 2025 and 2035.  The Ministry of Economy & Trade (MoET) is also preparing to host an investment conference this fall dubbed “Lebanon is Back in Business” in a bid to attract funds and capital back into the country.  Additionally, acknowledging public frustration over inflation and high prices, the minister promised both short-term interventions and structural reforms to protect consumer purchasing power. Furthermore, the minister pledged to operationalize Lebanon’s long-stalled Competition Law by issuing the required decrees, forming a Competition Authority and creating a specialized implementation unit.  Commitments to support the private sector were also emphasized, which MoET plans to push by streamlining business procedures, including relaunching credit access for small and medium enterprises and strengthening public-private partnerships to boost economic activity.  Concurrently, the reform agenda includes the insurance sector, with a comprehensive restructuring plan set to begin with the appointment of a new National Insurance Council to oversee upcoming activities.  As part of the Lebanese Minister of Economy & Trade broader agenda, initiatives aimed at addressing the damaged grain silos at the Beirut Port and digitizing the ministry were announced. In Tripoli, plans to revive the Rashid Karami International Fair were also stated.  Additionally, MoET is also focused on renegotiating, modifying and strengthening existing trade agreements as well as starting new ones. The focus now is on former agreements with the Grain and Free Trade Association (GAFTA) as well as Saudi Arabia, amongst others. Joining the World Trade Organization is also part of the broader project under consideration. (ICE BEIRUT)

Fonte notizia: Bank Audi 23-29 June, 2025