The Association of Banks in Lebanon urged Finance Minister Ali Hassan Khalil to maintain the treasury’s commitment on the settlement of maturing Eurobonds on time.

The ABL delegation was headed by its president, Joseph Torbey. Some remarks following the meeting with Minister Khalil at his office were raised:

“There is a need to maintain the appropriate approaches to enable the state to continue fulfilling its obligations, specifically in regard to new foreign bonds in the absence of the Parliament,” a statement by ABL said.

The meetings are part of an effort to study financial developments, economic conditions and other shared concerns between the two parties, according to the statement.

Khalil expressed his and the public’s general satisfaction with the performance and growth of Lebanon’s banking sector during the first half of the year, despite the economic slowdown in the country as a result of regional turbulence.

Representatives expressed hopes that “the political disputes that hinder the economic and financial situation will come to an end, [especially] during this period where the country needs concentrated efforts to overcome the difficult and complex times looming over Lebanon and the entire region.”

The delegation expressed their concern about the disruption of constitutional institutions, “starting with the ongoing presidential vacuum, to the subsequent paralysis in governmental operations such as the Parliament’s activity.”

The Parliament’s freeze in activity is delaying the issuance of several laws which are vital for the banking and financial sectors and for economic activity in the country.

At the top of their concerns is the delay in the approval of the state’s budget and amendments to laws on combating financial crimes and violations.