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$6 Billion Smuggled Outside Of Lebanon, According To Ex Ministry of Finance Director
In an interview with the international newspaper Financial Times, the ex Director General of the Ministry of Finance Alain Bifani, who recently resigned amid negotiations with the International Monetary Fund has accused what he called the ‘dirty money elite’ of protecting vested interests as the economy collapses and allowed the population to take the brunt of the economic crisis.
Bifani claimed that bankers have “smuggled” up to $6 billion out of Lebanon since October, circumventing controls introduced to stem capital flight as the country plunged into its worst financial crisis in 30 years. He reached the estimate based on his interpretation of the figures and consultation with Lebanon’s banking control authority, he said.
This comes after Lebanon’s financial meltdown has thrown its people into a frantic search for dollars as the local currency’s value evaporates, and after tens of thousands have fallen into poverty, wages are worth only a fraction of what they once were, and prices are skyrocketing.
Bifani also told the Financial Times that the political and banking elite were trying to “continue to benefit from the system without taking any loss”, while ordinary Lebanese “pay a terrible price”.
Is this more proof that the Lebanese system will never be reformed?
Editorial Purpose: We are sharing this piece of content in the hopes that you will scrutinize every institution’s projects and spending.
Bankers ‘smuggled’ $6bn out of Lebanon, says ex-finance chief https://t.co/U9xmmj1z1o
— Middle East & Africa (@FTMidEastAfrica) July 13, 2020
Bifani claimed that bankers have “smuggled” up to $6 billion out of Lebanon since October, circumventing controls introduced to stem capital flight as the country plunged into its worst financial crisis in 30 years. He reached the estimate based on his interpretation of the figures and consultation with Lebanon’s banking control authority, he said.
This comes after Lebanon’s financial meltdown has thrown its people into a frantic search for dollars as the local currency’s value evaporates, and after tens of thousands have fallen into poverty, wages are worth only a fraction of what they once were, and prices are skyrocketing.
Bifani also told the Financial Times that the political and banking elite were trying to “continue to benefit from the system without taking any loss”, while ordinary Lebanese “pay a terrible price”.
Is this more proof that the Lebanese system will never be reformed?
Editorial Purpose: We are sharing this piece of content in the hopes that you will scrutinize every institution’s projects and spending.