(8 Nov 2019) A World Bank regional director on Friday urged Lebanon to form a new cabinet within a week to prevent further loss of confidence in its economy.
Saroj Kumar Jha, Regional Director of the Mashreq Department (Lebanon, Iraq, Syria, Jordan and Iran), said the bank had seen increasing risks to Lebanon's economic and financial stability in recent weeks. "It is extremely important that there is a political solution to the ongoing crisis and (that) we have a credible government in the office, which can launch ambitious bold reforms for economic stability, for more growth in the economy, for more jobs to be created and to restore confidence", Jha said.
The banking sector — a backbone of the economy — suffered a blow when Moody's Investors Service downgraded the country's three largest banks into junk territory. Lebanon is one of the world's most heavily indebted countries.
