Top Kuwait banker: Lebanon able to have "robust" economic growth

BEIRUT, Aug 3 (KUNA) -- Lebanon is able to have "robust" economic growth if it adopts drastic financial and economic reforms, Kuwait's top banker said on Thursday.

To regain investors' confidence and draw upon its unutilized potential, Lebanon needs to adopt a multifaceted approach involving political stability, structural reforms, effective economic policies and institutional governance principles, said Secretary-General of Kuwait Banking Association Hamad Al-Hasawi in his virtual participation in an Arab forum held in Beirut.
He listed Lebanon's requirements as carrying out drastic financial and economic reforms in the banking system, ensuring transparency and economic institutional governance, promoting rule of law, protecting investors' rights and improving infrastructure and public services.
"If Lebanon strictly puts economic reforms in place, then its economy will be able to achieve robust economic growth, create new jobs and improve the Lebanese people's standards of living in a sustainable way," Al-Hasawi added.
Lebanon on Thursday hosted a gathering bringing together businessmen and bank officials from across the wider Arab region, allowing the two sectors a viable opportunity to explore greater cooperation.
The First Arab Forum for Banks and Businessmen was organized by the Union of Arab Banks (UAB). (pickup previous) fz.mt.