Cabinet paralysis undermines hopes for sea exports

Apparently, plans to support the export of agricultural and industrial products by sea planned for August 1st is faltering, preventing the sea exporting of nearly 150 thousand tons of goods and putting at risk the entire agricultural season. The President of the Investment Development Authority of Lebanon (IDAL) Nabil Itani informed Al Mustaqbal newspaper that the recently approved Cabinet decree aiming at supporting exports was not signed yet and hence IDAL cannot kick off work for lack of funds. The Cabinet has earlier agreed to subsidize some provide a financial subsidy of LBP 21 billion to support additional cost of maritime export. Informed sources told the newspaper that decrees to become effective normally require the signatures of the president of the republic, the prime minister and the concerned minister, but in the prevailing situation of presidency vacuum, the PM and the concerned minister need to sign along with 18 other ministers, that constitute two thirds of the council of ministers. Any delay in implementing the above mechanism undoubtedly will have negative impact on the agricultural, Itani explained, pointing that IDAL is presently preparing a study on anticipated losses to the national economy, particularly in the agricultural and industrial sectors, as a result of the delay. He also referred to individual efforts by some large farmers and exporters who are preparing for the transport of their goods by sea through sea containers that are destined to Arab countries. He indicated that the first sea container vessel will leave the Port of Tripoli next Monday. (Al Mustaqbal, 31 July 2015)