May 1, 2020 / 5:23 PM / a month ago

Lebanon banking association rejects government rescue plan

BEIRUT (Reuters) - Lebanon’s banking association said on Friday it can in “no way” endorse a government economic rescue plan it was not consulted on and which would destroy confidence in Lebanon, deter investment, and hurt any chance for recovery.

In a statement, the association called the plan’s revenue and expenditure measures “vague” and not backed by a precise timeline for implementation, and said it did not address inflationary pressures that could lead to hyperinflation.

The association urged MPs to reject it, in part because it violated private property, and said it would soon present a plan of its own that could restore growth.

Reporting by Eric Knecht; Editing by Chris Reese

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