Cabinet’s Tuesday session has been moved to Baabda Palace from the Grand Serail in order to discuss the monetary, financial and economic crises facing Lebanon, local newspaper Al-Joumhouria reported Monday.
The newspaper added that Finance Minister Ghazi Wazni will present steps taken on Cabinet’s decision to carry out an audit on the Central Bank’s accounts, which would reveal the exact numbers on Banque du Liban’s balance sheet, its profits and losses and levels of foreign currency reserves.
President Michel Aoun meanwhile met Monday with Central Bank Gov. Riad Salameh to discuss the measures taken by banks to address the financial situation in the country.
Prime Minister Hassan Diab announced his Cabinet’s intention to audit BDL’s accounts following the government’s March decision to default on a $1.2 billion Eurobond maturity and enter into debt restructuring talks with creditors over the rest of Lebanon's foreign currency debt.
He said at the time that the move would demonstrate transparency and strengthen Lebanon’s negotiating position with creditors.
Economy Minister Raoul Nehme told the Financial Times newspaper in May that the audit will be executed by an independent auditing firm – either KPMG, Kroll or Oliver Wyman.
This article has been adapted from its original source.
