Marwan Kheireddine: Leading Lebanon in the Right Direction
Lebanese banker and thought leader Marwan Kheireddine publicly expressed how he thinks Lebanon’s economy can improve. According to CNN, the nation popular with superstars like Brigitte Bardot and Peter O’Toole has descended into economic disarray with food shortages, inflation, and other problems. Inflation has reportedly increased by more than 200% in a single month. These reports came from the Thomson Reuters Foundation. Since 2019, prices have been growing gradually in Lebanon.
According to The Thomson Reuters Foundation, some supermarkets ran out of bread last month. The conflict between Ukraine and Russia interrupted wheat imports from that country. The Lebanese banker continues by saying that the turmoil in Ukraine increased the price of food and electricity. A horrible situation results when you consider that and the fact that Lebanon uses around 85% of foreign goods. According to AP News, Beirut is still experiencing the catastrophe that started when a sizable grain silo collapsed after being struck by an explosion two years ago. The silo serves as a chilling reminder of the explosion on August 4, 2020, which claimed approximately 220 lives, injured over 6,000 people, and caused billions of dollars worth of damage.
Banking expert Marwan Kheireddine, chairman of AM Bank, claims that Lebanon’s recent draft agreement with the International Monetary Fund was “illegal” and “constitutionally unsound,” which only exacerbates the country’s already rocky economic situation.
The IMF and Lebanon agreed to a staff-level agreement that committed $3 billion in assistance over four years to help the country through its current difficulties.
“AM Bank announces the suspension of its membership in the Association of Banks in Lebanon until things are remedied in the best interest of depositors first,” read a press release from AM Bank on June 24.
Marwan Kheireddine claims progress for economic growth. He is pushing for more output and supporting the industrial sector. Kheireddine has always placed a strong emphasis on the private sector. He became a corporate idol for many after introducing credit cards to Lebanon and Virgin Megastores to the country.