The Inaugural Address Is a Roadmap for Lebanon's Economic Revival

The election of General Joseph Aoun as President of the Lebanese Republic opens new horizons for a Lebanese economy mired in multiple, overlapping crises. Above all, the political crisis that prevented the election of a president of the republic for more than two years and two months further complicated Lebanon's economic crisis and deepened the structural distortions from which the national economy already suffers. What gives cause for optimism that solutions to the crises gripping the country will soon take shape is the roadmap toward the desired solutions set out in the inaugural address.

First, fairness requires pointing out that delivering on the priorities outlined in the inaugural address rests on the shoulders of the executive branch, namely the incoming government to be formed, which must adopt the address as the ministerial policy statement on the basis of which it wins a vote of confidence from Parliament. That is because the address contained a detailed programme of action rather than mere broad headings, encompassing most of the crises and problems that must be tackled. The crises in which Lebanon is mired cannot be reduced solely to financial and economic headings; rather, they constitute a crisis of governance in all its political, economic and social dimensions.

Since stimulating the national economy and ensuring sustainable growth require fulfilling two essential conditions, security stability and political stability, there is no doubt that the election of General Joseph Aoun as President of the Republic marks the beginning of achieving political stability. Moreover, the ceasefire agreement in the south must serve as an entry point for halting Israeli hostilities and as a framework for achieving security stability, leading ultimately to affirming the state's right to hold a monopoly on the bearing of arms, the condition without which there can be neither stability nor prosperity.

Underlining that General Joseph Aoun's address is a roadmap for political reform and economic revival, one of the very first points he addressed was the judiciary, securing its independence and developing the work of the public prosecution offices. Attracting investors to capitalise on Lebanon's comparative advantages, and drawing in the investments that Lebanon so desperately needs, requires an independent and effective judiciary, one that is honest and fair, upholds dignity and guarantees the rights of litigants.

The inaugural address's treatment of public administration, and the need to restructure it and attract top talent to establish a modern, digital, agile, effective, neutral, non-exclusive and decentralised administration, reflects an awareness of the role such an administration plays in building an advanced state attuned to the spirit of the age. The aim is a public administration that encourages private investment without hang-ups or complications, a public administration that prevents monopolies, promotes competition and protects the consumer, and an effective public administration that delivers quality services to citizens, preserves the dignity of the Lebanese people and contributes to reviving the national economy.

Reconstruction, which the inaugural address also touched upon, will revitalise the national economy and its sectors just as much as it is a national duty following the immense destruction wrought by Israeli aggression. That is because reconstruction is a process in which diverse economic sectors participate, creating the job opportunities that Lebanese youth need now more than ever.

The address also shows an awareness of how vital it is to build a productive economy capable of exporting competitive goods that restore Lebanon to the map of countries known for distinctive production, so that Lebanon exports to the nations of the world only the very finest of its products. The inaugural address bolsters confidence and provides a supportive political environment for launching structural reforms that will strengthen the competitive advantages of the Lebanese economy and stimulate demand for goods and services.

Furthermore, the address stresses the need for Lebanon to become once again the university and hospital of the Arabs, as well as a hub for their leisure and investments. Lebanon must keep pace with the development of the Arab states, enrich them with its human capital, and build integrated and cooperative economies alongside them, while preserving the free market economy and private property.

The inaugural address also serves as a roadmap for fiscal and monetary reform. Through restructuring the public administration, revitalising the judiciary and reorganising the banks, it establishes a framework for reducing public debt, putting public finances back on a sound footing, and reviewing monetary policies while taking foreign currency financing needs into account. Bank depositors' funds also had their place in the address, with the President of the Republic pledging to protect them, in addition to reorganising the banks under the rule of law and in accordance with the principles of good governance and transparency.

Ultimately, if intentions are sincere and efforts are concerted, the path to Lebanon's resurgence has become clear and unmistakable, led by a leader at peace with himself and devoted to his homeland. All that remains for the devoted is to summon their resolve and press ahead along the path toward Lebanon's salvation and recovery from its fall.

No goal is impossible to achieve where there is a will, and could there be any nobler goal than saving our beloved Lebanon?

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Translated from Arabic with AI. Read it in Arabic