A growing narrative is emerging in private discussions among decision-makers in Lebanon – even if only at the surface level – that the new presidency will restore prosperity and usher in a renewed economic boom capable of resolving the current crisis.
Those involved are counting on Gulf and European aid to open the door to improvement across all sectors. Once foreign funds arrive, they believe some of the depositors’ money can be repaid, all without implementing any genuine reform plan for the Lebanese State.
This rhetoric reflects a dangerous lack of political and economic maturity. For years, we’ve paid the price for this approach, which unjustly turned banks into society’s enemies to justify Hezbollah’s cash-driven policies. We now find ourselves in a historically unprecedented deficit state, with a refusal to honor debt obligations, while the state operates without oversight and irresponsibly wastes resources.
Reform is the fundamental condition for this country, not Gulf aid or assistance from any other state. The new government under the new presidency should be the first true manifestation of the promised change, realized through decisive and effective economic measures aimed at reducing the state’s deficit. This long-awaited shift must start with tangible steps to downsize the public sector and cut unnecessary government spending, particularly on electricity. Had we invested the funds allocated to electricity in actual power plants, we would have built a hundred by now, not just one.
Without these measures, we cannot claim to be building a state with functioning institutions capable of governance, simply because we received funds from here and there. All we would be doing is postponing the costs and deferring our crisis for years to come.
If the state were a private company, its board of directors would not remain in charge today, as no company would accept operating at a loss; it must take on greater responsibility to ensure its survival. If our country fails to take such action under the new presidency, with fresh leadership and heightened accountability, we will be fooling ourselves into thinking we’re building a state. In reality, we will have failed to establish respected institutions that give citizens what they truly deserve, not just what they ask for.
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