Lebanon’s Crisis Response

Alan Hakim said that Lebanon’s crisis, which has worsened since 2019, reflects economic, financial, administrative, and political dysfunction—not merely a currency crisis. He said that recovery requires moving beyond a model based on borrowing and rent-seeking, while ensuring a fair distribution of losses, protecting depositors’ rights, restructuring the banks, and combating waste and tax evasion. He proposed a five-year program built around three priorities: rebuilding the state and strengthening governance; addressing the financial gap and restoring credit; and developing a productive economy. The program would rely on five drivers: technology and the digital economy, medical services, education and knowledge, tourism, and agriculture and specialized industries. He stressed that implementation requires clear indicators and deadlines, public accountability, and protection for vulnerable groups. Restoring confidence and stemming the emigration of skilled workers, he said, are essential to building a state and economy that do not reproduce the crisis.

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