PARIS II Print this article READ THIS ARTICLE The Paris II international conference convened in support of the Lebanese governments economic reform program at the Elysee Palace on November 23. It was hosted by French President Jacques Chirac. The closed-door meeting was attended by top officials and representatives from France, Lebanon, Germany, Saudi Arabia, Bahrain, Belgium, Canada, Denmark, United Arab Emirates, Spain, the United States of America, Great Britain, Italy, Japan, Kuwait, Malaysia, Oman and Qatar. International financial institutions also participated in the conference, including the International Monetary Fund, World Bank, European Commission, European Investment Bank, Saudi Development Fund, Kuwaiti Development Fund, Arab Development Fund, and the Arab Monetary Fund. Click here for names of participants. The Prime Minister reaffirmed, in a speech at the conference, the governments commitment to implementing its economic and financial reform program and highlighted the steps that have been taken to revive growth. Mr. Hariri briefed delegates to the conference on the policies that the government has adopted to swap short-term and high-interest loans with a debt that has longer maturity dates and lower interest rates, to reduce Lebanons debt burden. The Premier also outlined the achievements that the government has made, and told the delegates that Lebanon stands at a cross roads, and is able to bolster its role as a pillar of stability and moderation in a region afflicted with severe crisis. The government outlined its economic and financial goals and measures in a policy report at Paris II, called Beyond Reconstruction And Recovery Towards Sustainable Growth. It described the difficult economic conditions that prevailed in 2000 when the government took office, and the rising debt that had been accumulated since the end of the 1975-1990 war. The report gave detailed accounts of the achievements that have been made since the Paris I meeting was held in February last year. It cited progress in the state finances and the various sectors. But it pointed out that the missing link remains external support for the governments reform program to tackle the public debt burden. The report urged international backing for the efforts to exchange the debt into long-term and low interest rate loans. It reiterated government commitment to privatization and balancing the budget. Click here for full policy report After the meeting, Prime Minister Hariri and French President Chirac held a joint news conference, which was also attended by Canadian Prime Minister Jean Chretien, Saudi Foreign Minister Prince Saud Al Faisal, and EC President Romano Prodi. President Chirac told reporters that the Paris II conference aimed at encouraging the Lebanese government in implementing an extremely serious, solid and bold program as attested to by all participants. At the news conference, Mr. Hariri thanked France and its President for their continued support of Lebanon. The Prime Minister underscored Lebanons resolve to reform, and its history of honoring commitments even in the dark days of war. Canadas Prime Minister Jean Chretien also addressed journalists. He announced that his country will make contributions to Lebanon between 100 and 200 million dollars through the IMF. For his part, Saudi Arabias Foreign Minister Prince Saud Al-Faisal pointed out that supporting Lebanons economy amounts to backing regional stability. He added that Lebanon has its friends with it now. European Commission President Romano Prodi made it clear, at the news conference, that the European Commission backs Premier Hariris reform policy. Mr. Prodi told reporters that the EU is prepared to offer Lebanon more assistance in cooperation with the IMF. Click here for full text of news conference The Elysee Palace had distributed a list detailing the contributions made in Paris II in terms of millions of pledged by each country or institution participating in the gathering. The largest contribution was made by Saudi Arabia, followed by France. A total of 4285 4420 million were made. The Elysee Palace also issued a statement at the end of the Paris II conference. It said Prime Minister Hariri described all the measures taken by his government to reform and modernize the Lebanese economy, and promote the improvement of public debt financing conditions. It said the IMF welcomed the reform effort. The Elysee Palace statement said some countries announced their intentions to promptly make contributions to assist the reform program, while others are willing to contribute at a later date, in cooperation with the IMF.
Posted on: Tue, 28 Jan 2014 21:27:51 +0000
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