Following the press conference held by the Director General of the Ministry of Finance Mr. Alain Bifani, the Association of Banks in Lebanon announces the following:

The Association deeply regrets the hostile attacks from Mr. Bifani on the economic sectors in general and the banking sector in particular, knowing that these sectors represent the cornerstone of the Lebanese economy and that the private sector watches over the future of Lebanon and the upcoming generations with the utmost attention, featuring therefore its performance, productivity and its leading role, and highlighting Lebanon’s fruitful exposure to the world in its regional environment. The explications of Mr. Bifani sadly contradicts the facts and lack precision and objectivity. Nevertheless, we will avoid taking part in an unnecessary debate, as we are conscious of the current heavy circumstances. We call, however, for concentrating the efforts on solutions that can save the country from the crisis, in cooperation with international organizations capable of providing Lebanon with the necessary support to reestablish its capacities and relations with regional and international markets, creating therefore job opportunities and restoring economic growth, under the impulsion of the private and public sectors and within the framework of long-awaited structural reforms.

We appreciate Mr. Bifanni’s positive approach in acknowledging that the numbers that represent the Central Bank’s losses are close to the ones quantified by the parliamentary sub-committee assigned by the MPs to review the government’s estimations. It is crucial therefore to maintain the negotiations between the multiple authorities and stakeholders, in order to save the country from the current crisis and revive hope in the Lebanese people.

The ABL will deny in the upcoming days all the false allegations by Mr. Alain Bifani.

Communication & PR Department