The Lebanese economy has had a significant dip due to the effects of the COVID-19 pandemic and the Russia-Ukraine war, which has disrupted food coming into the country, disrupting wheat shipments. Thomson Reuters reported that the economy has dived into chaos, and inflation has risen to 200%. The price of goods has also been rising steadily, and there has been a reduced food supply in supermarkets. Learn more
Marwan Kheireddine is a Lebanese banking expert and the chairman of AM Bank. He admits that Lebanon is in an economic shamble, but the same can be rectified, and the country can be on a journey of economic recovery. Kheireddine believes the government has further strengthened the financial roller coaster through its agreement with the International Monetary Fund.
In the agreement that Kheireddine terms as unconstitutional, the government is set to receive $3 billion from the International Monetary Fund. Kheireddine stated that the deal was not in the depositor’s best interests and subsequently suspended its membership from the Lebanese Association of Banks. Marwan Kheireddine explains that the association should have tabled a financial and economic plan to protect the banks, and the deposition and failure to do so is a questionable move.
Marwan Kheireddine encourages the private sector to participate in the country’s economic growth. He adds that the private sector has the ability to transform the country’s financial crisis through collaboration with the youth and the government to provide viable solutions for economic growth. The private sector can help the government to achieve its fiduciary duty to the citizens by capitalizing on the industrial sector.
Kheireddine is a business icon in Lebanon for having introduced credit cards and Virgin Megastores in Lebanon. He is a critical player in the industrial sector, and he has played a vital role in growing the Lebanese economy. Further, he keeps an open-door management policy in his store, Virgin Megastore, that allows him to be involved in every aspect of the business. He acknowledges that the youth and the private sector will grow the economy.
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