Cyprus Mail
Banking and FinanceBusinessInternationalMiddle East

Lebanon to sign contract for central bank forensic audit in days

lebanon central bank audit

Lebanon’s outgoing finance minister Ghazi Wazni said on Tuesday a contract for a forensic audit of the central bank would be signed in a few days by the new government with Alvarez & Marsal (A&M), a step aimed at helping the country out of its crisis.

Prime Minister Najib Mikati put together a new cabinet on Friday alongside President Michel Aoun, naming former central bank official Youssef Khalil as finance minister.

Forming a new government ends a year of political deadlock during which Lebanon has sunk deeper into an economic meltdown that has driven three quarters of the population into poverty and caused the currency to lose more than 90 per cent of its value.

The plan for an audit, a key requirement for Lebanon to secure vital foreign aid, hit a roadblock in November when restructuring consultancy A&M withdrew, saying it had not received information it needed from the central bank.

The finance ministry said in April the central bank had agreed to hand over documents required by A&M.

Wazni made his comments to the media after an event to mark the handover of his duties to Khalil.

Khalil, a former central bank official who is close to central bank Governor Riad Salameh, said on Tuesday failure in his new role was not an option, saying it would only exacerbate Lebanon’s problems.

Follow the Cyprus Mail on Google News

Related Posts

War resumes in Gaza after truce collapses

Reuters News Service

Cyprus real estate market sees nine-month high in property sales

Kyriacos Nicolaou

Job cuts, lean bonuses loom over Europe’s bankers in 2024

Reuters News Service

New wave of wounded received at Gaza’s overwhelmed hospitals

Reuters News Service

Markets pin hopes on soft landing, with one eye on recession risk

Reuters News Service

Capriole fund founder predicts Bitcoin next target $41,000, Ether’s possible 1400% increase, and Meme Moguls potential to sell high

CM Guest Columnist