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A report on the second meeting of the Follow-up and Cooperation Committee between the Private Sector and the deputies held by 100% Liban about capital control, also the relation management between the private sector and parliament 's duties.

The discussion began on the Capital Control Law with the Chief Economist of Bank

Byblos group, Dr. Nassib Ghobril also member of the Economic Committee of

100% Liban .

The participants:

* MP Razi Al-Hajj / the Lebanese Forces- Metn.

* MP Raji Al-Saad / member of the Democratic party- Mount Lebanon (Aley).

* MP Jihad Pakradouni / the Lebanese Forces- Beirut 1

* MP Rami Finge / North

* MP Jean Talouzian / Beirut 1

* Dr. Abdel Majid Awad / representing Tripoli’s deputy, General Ashraf Rifi

* Dr. Amine Iskandar / representing MP Melhem Riachy

*Dr. Mohammad Fheili / Member of the Economic Committee of 100% Liban

* Dr. Wissam Fahed / Member of the Economic Committee of 100% Liban

*Mr. Karim Faddoul / Member of the Economic Committee of 100% Liban

* Attorney Jimmy Francis / Assistant Secretary of the Lebanese Kataeb Party.

* Mr. Mark Saad / Lebanese Forces Party.

* Mr. Jimmy Bsoussi / Lebanese Forces Party.

* Mr.Jean Tawile / Head of the Economic and Social Council in the Lebanese Kataeb Party.

* Mrs. Pamela Ibrahim El-Kosseifi/ General Coordinator of 100% Liban

* Mrs. Carole Karam / media and administrative responsable at 100% Liban


The dialogue was about the most prominent articles in the draft law that sets exceptional and temporary controls on bank transfers and cash withdrawals with the required amendments, in addition to various topics that were discussed, including:

-Restoring confidence with the necessity of obtaining real numbers to build upon in the process of economic recovery.

 - Unifying the exchange rate within a practical mechanism and encouraging dealing with Lebanese pound

-Establishing a sovereign fund, reassuring the depositor and restoring confidence among investors

-Assess the productivity of the public sector

-Reducing geopolitical influences through accurate political decisions

-Reviewing the management of state assets

-Amending the tax collection law to improve state revenue

-Restructuring banks within a comprehensive rescue plan

-A radical solution to the energy, because it represents half of Lebanon's financial losses


The attendees agreed that the Capital Control Law shouldn’t be approved without a basket of reforms and a rescue plan.

100% Liban will do the follow up on those discussions and develop constructive solutions to boost again the economy.

A group of invitee Parliamentarians participated in a lively discussion at the 100% Liban premises on the :"Recovery Plan of the Government".

 The session was moderated by the general coordinator at 100% Liban Mrs. Pamela Ibrahim El-

kosseifi and the President of the Lebanese Economic Association, Dr. Mounir Rached, the key speaker provided a brief on the origins of the crisis. He noted that the causes of the crisis can be summed up by continued misaligned and misguided policies for decades leading to high fiscal deficits, a build-up of un-sustained debt, high interest rates, combined with a fixed exchange rate that depleted the economy of its competitiveness.

Rached added, the government rescue plan based on having depositors carry nearly all of the financial losses of $ 73 billion faced oppositions from most political parties, depositors and the Association of Banks of Lebanon, and questioned its effectiveness and feared it could further harm any potential economic recovery.

The plan, clearly violates the core constitution and the code of money and banking.

It’s based on deleting banks’ deposits at the Central bank (BDL), deleting government debt held by banks, and depleting banks capital that requires a write- off of counterpart deposits of citizens and a deposit bail-in to recapitalize banks. It’s based on miss-classification between losses and liabilities.

Most liabilities were considered as losses, a divergence from common practice in crises cases.

Rached noted the crises could have been averted as the BDL had a large stock of reserves then that could finance current account of the balance of payments for several years, but the BDL opted to abandon the fixed rate policy (replacing it with a statutory scheme and to deny banks access to their excess reserves (liquidity). The government and BDL should instead work on four essential areas to exist the crisis.

First, the exchange rate should be floated freely, and this in turn could provide liquidity into the financialmarkets, reduce balance of payments deficit and restore confidence and competitiveness.

Money will regain its virtual status and the fear of inflation subsides as depositors don’t have the incentive to withdraw their deposits before its being diminished by the ongoing inflation that exceeded 900 % since end of 2019.

Second, a balanced budget is essential to restoring confidence. A floating rate will support achieving a

balanced budget and ease pressure on the balance of payments. A balanced budget is a prerequisite for a stable exchange rate.

Third, rescheduling all financial assets and liabilities will support liquidity and ease pressure on

withdrawals, prices, and payments.

Fourth, introduce privatization of management of public enterprises, and eventually the government could corporatize several while at the same maintaining a minority share.

Parliamentarians were for the most part in agreement and concluded that the current plan does not respond to the aspirations of Lebanese citizens. Several made remarks criticizing continued delay in taking corrective action, and for adopting so far deleterious measures rather embarking on constructive reforms that can lead to regaining trust and confidence, and a true recovery.

100% Liban is working on Unifying and conveying the voice of the private sector, which is the backbone of the economy and the source of values and hope.

The aim remain in building bridges between private and public sector actors to create a unified vision towards a better Lebanon.

More Details

100% Liban and Justicia, the Lebanese Law firm founded by Dr. Paul Morcos that aims at accentuating clients’ goodwill through introducing a wide range of legal and consultancy services, held a dialogue on Wednesday 7th of September between a number of deputies and the private sector entitled: "What and how do MPS legislate?"

The session was moderated by the lawyer Dr. Paul Morcos, founder of Justicia, and gathered the following participants:

- MP Jean Talouzian

- Dr. Abdel Majid Awad

-MP Ashraf Rifi

- Mr. Nicolas Chikhani, Financial expert & member at 100% Liban

- MP Adib Abdel Massih

- Dr. Mounir Rached, Economist & member at 100% Liban

- MP Ashraf Rifi

- Mr. Pierre Younes, representative of MP Camille Chamoun

- Dr. Ziad Hayek, President of WAPPP & member at 100% Liban

- MP Yassine Yassine

- Dr. Lina Oueidat, Consultant at ECS

- Mr. Jihad Aoun, banker

- Mrs. Pamela Ibrahim El Kosseifi, general coordinator of 100% Liban

- Dr. Elias Kassab, member of 100% Lebanon

- Mr. Walid Akel, member of 100% Lebanon


The discussion dealt with three topics currently under legislation:

  • Banking secrecy
  • Capital Control
  • The so-called economic recovery plan.

When voting on any bill, the participants agreed to prioritize the supreme interest of Lebanon and the Lebanese, with the protection of depositors' money and efforts to recover it at the forefront.

1-      Banking secrecy: It contains no data protection, it allows many agents to read the data but does not protect it.

2-      Capital control: It doesn’t have an exit strategy, and its formula is detrimental to the economy.

3-      Economic recovery plan: It does not protect the rights of the depositors and does not restore confidence.

Dr. Ziad Hayek suggested that: “We must find a way to be innovative in solving the financial crisis”.

MP Yassine Yassine added that: “After 30 months of a monetary collapse Capital Control alone cannot fix the issue, it must be combined with an economic rescue plan”.

Dr. Mounir Rached indicated that we are wasting time today and what we need to do is to build up a reform program without legislation because the delay is due to indecisive legislation.

Mrs. Lina Oueidat emphasized on the importance of the impact assessment of each and every law.

Mr. Pierre Younes, representative of MP Camille Chamoun stressed on the need to put legislation in the service of the people and the interest of the country, noting the importance of expanding executive public opinion in the parliament.

They also emphasized on the importance of researching minimum-quality laws and legislation, as well as working to approve and liberate them from Parliament's drawers.

100% Liban will follow up on those discussions and offer positive measures to help the economy recover.

Under the title of "Understanding the scale and scope of Lebanon's financial and econnomic rescue plan", 100 % Liban organized a debate in which MP Ragy El-Saad and the founder of “ddoesbusiness” Mrs.Danielle Hatem participated, where the following topics were discussed as follow :

*Where does the financial rescue process in Lebanon begin?

*Can the Government's plan actually revive the economy ?

*What are the real opportunities in the Lebanese economy? 

*What are the productive sectors that Lebanon should work on developing? 

*What is the fate of the economy if the state works according to a bankruptcy plan?

*Solutions for the public sector: How will the state manage its assets?

*Are the solutions a partnership or privatization of the public sector?

The attendees agreed on the need to reach constructives solutions.

100%Liban represented  by its general  coordinator, Pamela Ibrahim El Kosseifi  and  IRADA Association represented  by  its  board  member, Dr. Bassem  Al Bawab visited  MP  Fouad Makhzoumi  in the  presence  of Mr. Samer  Safa  where  they  discussed  the  financial situation.

The discussion also focused on  the  following  points:

1-The government's plan.

2-Launching  the  Lebanese  Economy.

3-The  country  is not bankrupt.

At the end  all agreed  on the  importance  of  the  cooperation  between  the  private  sector  and the  parliament duties.

100%Liban presented by its general coordinator, Pamela Ibrahim El Kosseifi and BRICS presented by Mr. Ziad Chehabeddine visited MP Fayssal Karameh where they discussed about the recovery plan proposed by the Lebanese government.

The discussion also focused on rebuilding the trust between the state and citizens in order to improve the economic and financial situation of the country. 

Deputy Karameh will cooperate with 100%Liban through all the activities to revive the economy.