Your Excellency, Mrs. Maura Connelly
Ambassador of the United State of America to Lebanon,
Dear Colleagues and Friends,
On behalf of my colleagues at the Association of Banks in Lebanon allow me, Mrs. Ambassador to warmly welcome you again in our Association: your presence with us is a clear sign of cooperation and collaboration between the Lebanese banks and the United State of America, and a sign of sharing great values based on the ideals of democracy and freedom.
Our meeting takes place today in circumstances of great tension in our region, where “Arab Countries in Transition” as the IMF calls them, are witnessing significant changes on all levels: political, social, economic and humanitarian. In the neighboring country, Syria, the fiery situation as you well know, enters every day in a more complicated phase.
In this context, through profound changes, our country is under pressure politically and economically. By the same token, our banking sector operates in a challenging environment that requires from us a high degree of professionalism. We are facing these challenges with great insight, wisdom and a strong will to go forward in these times of uncertainty.
In all circumstances, our Lebanese banking sector has successfully demonstrated resilience to crisis which has earned us the trust of the international community, as being a healthy and safe banking sector.
Because of our openness to the world and the fact that our banks operate in more than 32 countries worldwide, our banking sector currently manages more than 158 billion dollars representing more than 3.5 times the national GDP. We therefore continue to be the backbone of the economy and act as a strategic partner for a free and democratic Lebanon.
Dear Mrs. Ambassador,
After London in November 2010, and Paris in October 2011, we held the Lebanon Capital Markets Day in New York in February 2013, by invitation of our principal correspondent banks, and in partnership with the American Chamber of Commerce, in view of strengthening the relationships with our correspondent banks. We were pleased with the warm welcome reserved to us during our visit and by the display of the Lebanese flag on the Nasdaq during that day.
Several meetings concerning Lebanese-American banking and financial relations were held with the Federal Reserve Bank of New York, and subsequently in Washington, with the circles of power namely the U.S. Treasury Department, Foreign Affairs Ministry, Congress and influential NGOs, including the prestigious Aspen Institute and the American Task Force for Lebanon. We highlighted the strong commitment of the Lebanese banking sector in applying all international regulations. We also highlighted the strategic role of the Lebanese banking sector in strengthening Lebanon's economic relations with the US and promoting political and economic stability, in a destabilized region.
The reaction of the US officials towards our visit to the US was indeed very encouraging.
In the current situation of our country and the region, and in order for us to continue to support the economy, we strongly endorse the recommendations set forth in the IMF Consultation with Lebanon - Article IV Report that urges the Lebanese government to implement infrastructure reforms and improve the business environment. The Lebanese government should also show a “fiscal discipline” and reduce the debt to GDP ratio in the coming years, so as to recuperate the normal growth rates.
Dear Mrs. Ambassador,
The Lebanese banking sector deserves the continuous support from the US and international communities, due to the pivotal role our banks play in the economic and national life of Lebanon. Based on the great values we share and the long history of cooperation and collaboration, we wish to see our relationships further develop for the mutual benefit of Lebanon and the US.
