President Aoun: Lebanon must shift to real productive economy

The President of the Republic, Michel Aoun, said Monday that production-based economy ensures stability and supports the national currency, stressing the need to move from a rentier state into a real state which derives its wealth from domestic production. Aoun added that Lebanon welcomes those willing to invest in it, warning it is unacceptable to continue to sway under debt and depend on global markets, international aid and the World Bank to survive. Aoun was speaking at Baabda Palace before a delegation participating in the Lebanese Forum for Small and Medium Enterprises expected to start today at BIEL, Beirut. The president revealed that Lebanon is currently cooperating with one of the world’s leading institutions to finalize a study on ways to revive the Lebanese economy. Anticipations for the near future are alarming, Aoun stated, especially if “we do not act in a systematic way across all sectors.” “We are working to reform the financial situation and to assist SMEs,” the president said, adding, “It is important to produce, but it is also vital to secure markets and that is primarily the responsibility of the State.”  
(Al Diyar, Al Mustaqbal, An Nahar, July 11, 2017)

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