In an interview with Asharq al-Awsat newspaper, Tawile explained that the Central Bank will have to decide on whether to pay creditors or save what’s left of the country’s reserves.

“Two scenarios prevail if Lebanon chooses not to pay March’s entitlements which are either to steer creditors toward accepting restructuring terms, as in rescheduling of debt and reduction of interest, or to partially pay only investors a sum from the debt, known as haircut,” Tawile indicated.

“An integrated plan to save Lebanon from the crisis should be established comprising public external-debt restructuring,” he added.

Tawile highlighted that building a productive and prosperous economy requires time and aid in order to organize a legal structure, infrastructure, business environment and others.

“World Bank interference would harm the political authority but not the citizen”

Tawile stressed that reform is the only solution to pull the country out of economic hardships.