Lebanon must kickstart its economy

ENAR

Lebanon is concurrently being hit with multiple crises, generating the perfect economic and financial storm. Net foreign reserves are at an all time low and hard decisions will have to be taken regarding the restructuring of the sovereign debt in all its forms. As the financial and monetary discussion is taking center stage it is crucial not to lose sight of the only way out of this crisis: a strategic vision for an economic recovery. In order to keep hyperinflation at bay, reduce the drain of foreign reserves at the central bank, and project an aura of confidence when entering into potential negotiations to restructure Lebanon’s debt, we need to address the balance of payments conundrum. We currently import around $20 billion a year, while exporting a little less than $3 billion. The deficit of $17 billion needs to be covered by inflows of hard currency. Lebanon enjoys a special