"The privatization of the BSE would be a new initiative in the framework of encouraging the private sector to transform private companies into public companies so that people can have a stake in these firms," he said. "It would also help in securitizing consumption loans under the supervision of financial authorities to avoid negative repercussions."
Salameh's remarks came during the
In his speech, Salameh said the Lebanese economy was facing great challenges including reducing the indebtedness of the private sector.
"The indebtedness of this sector has reached about 100 percent of GDP and it has even exceeded this percentage," he said, adding that indebtedness in the private sector could impede investment and thus economic growth.
"It also creates a burden on households, especially with regards to consumption loans, which represent around 50 percent of the households' income."
On the other hand, Salameh gave some indicators of confidence in the Lebanese economy.
"The balance of payments until the end of last April registered a surplus of
"The currency market is stable in
"What is also worth noting is that there is a non-Lebanese interest in buying these bonds and stocks. Moreover, the
Salam, meanwhile, vowed to enact the law for partnership between the private and public sectors, which would create a legal framework to attract investments.
He also promised to take the necessary measures to encourage the Lebanese industry sector by minimizing cost of production and increasing the sector's competitiveness.
"We will also work to help the agriculture sector by attracting big investments in this field," he added.
Salam said his government would work seriously to carry out administrative reforms in order to attract investments from Lebanese expatriates and foreigners.
He added that the government was also seeking, with the help of international organizations and other Arab countries, to contain the negative repercussions of the large influx of Syrian refugees in
"We are also working in a very meticulous and scientific way on the oil and gas project, which is expected to create lots of investment opportunities for local, Arab and foreign private sector," he said.
"It is inexcusable to accept low growth rates of 1.5 percent to 2 percent in
He added that such low growth rates were not sufficient to absorb the young workforce in the Arab region.
Bassil said the Lebanese had to endure a budget deficit of
"We are suffering from this huge deficit without even taking into account the negative repercussions of adopting the salary scale," he said.
"We are lucky that some parliamentary parties are objecting to the chaotic financial legislations that would hurt people with limited income," he said.
Bassil added that banks' profits constituted only 11.5 percent of their capitals, stressing that the lenders had accepted such low profitability in order to preserve their liquidity in foreign currency and with the aim of protecting their deposits.
"Despite all this, we see criticism of the sector is still mounting," Bassil said.
Kassar called on Arab businessmen and politicians to cooperate in order to establish a unified customs organization by 2015 and an Arab common market by 2020, in addition to increasing the competitiveness of
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