Arab Banking Conference concludes in Beirut

25-04-2019 Media in\ Beirut

The Arab Banking Conference (2019), held under the theme “Economic Reforms and Governance”, concluded today in Beirut with the participation of Lebanese Prime Minister Saad Hariri and his presence and the Governor of the Banque du Liban Riad Salama in cooperation with the Banque du Liban and the Association of Banks in Lebanon.

Other attendees included;  Arab and foreign economists, financial and banking personality, including finance and economy ministers, central bankers and heads of banks and financial institutions.

The speakers’ papers and interventions were focused on four topics:

• The challenges of economic reforms in the region.
• Experiences and the importance of good governance of public debt in the Arab countries and the role of public
• Private partnership in the development of Arab economies.
• The financing of reconstruction and sustainable development .

After, the discussions lasted for three days, the participants made the following recommendations:

• The partnership between the public and private sectors should be adopted to develop infrastructure in the Arab region and address the annual deficit in the budgets of Arab countries through rationalization of public expenditure.
• It is appropriate to adopt the method of allocating budgets to ministries and government departments Ministries act within the limits allocated to them and seek long-term, low-cost external sources of debt and reduce dependency on conditional borrowing that causes negative economic effects on the economies of Arab countries.
• Clear and long-term strategies for public debt aimed at addressing all the consequences of the increase in the size of the public indebtedness.These include;

1. Establishing clear scientific and practical bases for domestic and external borrowing in terms of size and the countries from which they can be borrowed and thus setting specific criteria for borrowing which are committed by all concerned parties without exception.
2. A clear road map to reduce public debt within a specified period of time
3. Stimulate economic growth in the Arab countries
4. Increase foreign direct investment and finance the government’s capital projects through innovative financing methods that have no debt to the government, Methods of construction – operating – leasing – conversion in addition to unleash the potential of Arab youth to drive growth in the Arab economies and finally the need to develop institutional frameworks and public institutions and policies in the countries of the Arab transition to keep pace with the reconstruction process.
   The participants conveyed a cable of thanks and appreciation to the Lebanese government, the President, the Government and the people for their “hospitality and good reception” and wished Lebanon “stability and prosperity”.