The board of the International Confederation of Lebanese Businesspeople (MIDEL), which met under the chairmanship of Fouad Zmokhol, considered that the budget should not purely involve accounting but should be based on a strategic, economic and financial vision and outlook.
Commenting on the finance law approved by Parliament on Friday, it noted that “there are still several questions about certain indirect taxes, individual income and proposed levels.” In particular, it criticized the fact that wage earners’ incomes have fallen by around 60%, and that it is therefore not permissible to increase taxes.
Regarding the exchange rate, MIDEL noted a total vagueness that could be disastrous for the private sector and businesses.
“The voted budget does have its flaws, but for the first time, some of our observations and ideas have been implemented, and a budget has been presented within the constitutional deadlines,” reads the text.
The participants also discussed the amendment of Circular 151.
They proposed that the Central Bank inject money into the economy to restore sustainability and help businesses re-develop.
Zmokhol called on international financial organizations, notably the World Bank, to “create an investment fund to support the Lebanese private sector, especially small and medium-sized enterprises and ‘micro-businesses,’ in order to restore financial and monetary movement.”
The participants stressed the importance of reopening the Mechanics Registry departments, which generate substantial revenue for the state, as soon as possible, and processing all real estate transactions that have been frozen for the past two years.
MIDEL stressed on the current importance of preparing for the legislative elections through plans and strategies and of setting up the “Mega Center” to enable all citizens to vote wherever they are.
The importance of supporting the Lebanese army was also on the agenda.
In addition, MIDEL reviewed economic developments, strategies and plans for the current year, pointing out that the Middle East region has moved from a state of stability to a state of war.
The participants totally refuted the idea of dragging Lebanon into a new war, which could be the final blow to the country, its citizens, its economy and businesses.
