BEIRUT: The Association of Banks in Lebanon and Prime Minister Saad Hariri discussed his upcoming visit to the United States to meet President Donald Trump following a draft bill in Congress proposing new sanctions on Hezbollah, at a meeting Tuesday.
“We briefed [Hariri] on the latest information we have regarding the subject of the sanctions [against Hezbollah financing] being discussed by the U.S. congress,” head of the ABL Joseph Torbey, who led the delegation at the Grand Serail, was quoted as saying by a statement from the PM’s media office.
“We also informed him [Hariri] that during our previous visits to Washington we created a positive atmosphere regarding the protection of the banking sector. Thus, his visit will be very important because he represents the state and is accompanied by an official delegation. In this regard, the State can give and take commitments and we place high hopes on the success on this visit.”
Several U.S. Senators have presented a draft bill that, if passed, would roll out fresh sanctions against sources of financing for Hezbollah. The U.S. government classifies Hezbollah as a terrorist organization.
As with previous sanctions against funding of the organization, Lebanese officials and bankers are seeking to find compromises with U.S. officials drafting the proposal concerning who will be targeted in order to prevent repercussions to the local economy.
The delegation also discussed local issues including the status of the draft state budget. “It was also an occasion to discuss the new budget and the increases to the deficit and public debt,” Torbey added. “We reviewed all aspects related to this issue and we asked [Hariri] to exert pressure so the budget deficit does not increase as it has reached a level that must be treated with caution.”
Torbey expressed optimism that Hariri understood the issues and would work to find a “suitable solution because the future of the Lebanese economy depends on the sound management of public finance, particularly controlling expenditures and improving revenues.”
After the meeting Tuesday, Hariri met with former Prime Minister Fouad Siniora to discuss local political developments and the general situation.
