Head of the Kataeb’s Economic and Social Council Jean Tawile on Tuesday said that the ruling system was still wasting time as usual while the country is losing between 20 to 30 million dollars every single day.

“Is it possible that 3 years after the outbreak of the most severe economic crisis in the history of the world, a government has not been formed yet to assume its reform responsibilities?” Tawile said in an interview with Nidaa Al Watan Newspaper.

“Today, Banque du Liban might intervene and inject the dollar on Sayrafa platform to reduce the exchange rate (that will be at the expense of the remaining rights of depositors) and to enlarge the cash gap as we are expected to end the year with a gap of $80 billion. This will exceed the size of the economy by 5 times after the gap (the difference between the assets and liabilities of the Central Bank towards banks) that has not exceeded $45 billion at the beginning of 2020,” he added.

“This means the inability to implement all the promises made to protect small depositors and the false allegations of the possibility of compensation, at least with 100,000 dollars for each depositor. The funds for this operation, which exceed 30 billion dollars, are no longer available and it is almost impossible to secure them,” he pointed out.

According to Tawile, the State continues to adopt stopgap solutions that exacerbate the problem.

“For example, the Central Bank continue to print large quantities of the national currency in a bid to cover the expenses of the public sector, especially the salaries of employees despite their strike," he said.

"Instead of implementing serious reforms that ensure the continuity of the facility and do not exhaust the economy and weaken the purchasing power, they are turning to another stopgap solution by raising the customs dollar with all the repercussions it would cause for the economy. From a long point of view, they are betting on the gold reserves after running out of U.S Dollars from the remaining mandatory investments and special drawing rights,” he concluded.