BEIRUT: President Michel Aoun Thursday reiterated his stance on developing Lebanon’s economy during a meeting with the recently re-elected president of the Association of Banks in Lebanon, Joseph Torbey.
In a statement from Aoun’s press office, he was quoted as saying, “We are still suffering from the compilation of several crises.”
Aoun and Torbey discussed the role of the banking sector in improving the economy and addressing the crises faced in Lebanon.
Aoun identified two of the crises as “the international economic crisis, which directly affected Lebanon’s economic opportunities through [the economic crisis in] the Gulf and Mediterranean countries ... [and] the war in Syria that, in addition to affecting the economy, resulted in the refugee crisis.”
Torbey stated that “we [the ABL] are Lebanon’s strategic partner and ally, and if Lebanon succeeds we do [too]; if it fails, we fail.”
Torbey announced that the banking association would work to ensure economic progress through improving the security and political situation in Lebanon.
On June 30, Joseph Torbey was re-elected president of the ABL, with allies securing almost all of the seats on the board of directors.
The election was the first of its kind in 23 years. Previously, the president and the board of directors were agreed upon among Lebanon’s 10 largest banks, without competitive elections.
