Lebanese PM Nawaf Salam advocates financial reform and transparency amid economic crisis

BEIRUT — Lebanese Prime Minister Nawaf Salam reaffirmed his dedication to financial reform during meetings at the Grand Serail, underscoring the importance of lifting banking secrecy as a pivotal first step in distinguishing between legitimate and illicit funds.

Addressing the Cry of Depositors group, Salam called for banks to share the burden of the crisis by increasing capital reserves and undergoing structural reforms. He also emphasized the need for safeguarding and improving the management of state assets to aid economic recovery. Representatives of the depositors’ delegation, led by Khalil Barmana, firmly rejected any attempts to fragment depositors’ rights and demanded a comprehensive forensic audit of all ministries and financial institutions.

In discussions with the Parliamentary Committee on Foreign Affairs, chaired by MP Fadi Alama, Salam focused on the challenges posed by Syrian displacement and dwindling UNRWA funding. Lawmakers reiterated Lebanon’s commitment to UN Resolution 1701 and advocated for a unified diplomatic stance on these pressing issues.

Audit Bureau President Judge Mohammad Badran later presented reports highlighting inefficiencies in public spending and the bureau’s operational challenges, particularly a critical staff shortage.

Separately, General Labor Union leader Bechara Asmar urged the government to address rising living costs by increasing wages across public and private sectors, implementing a new pension law, and enhancing support for military personnel. The union submitted a memorandum of demands, which Salam pledged to consider carefully.

As Lebanon contends with its worsening economic crisis, Salam’s emphasis on transparency and financial accountability signals a potential turning point in efforts to stabilize the country and restore public trust.