Lebanese banks smuggle six billion dollars, IMF expresses concern.

Alain Biffany  the former Director-General of Finance at the Ministry of Finance in Lebanon., said that Lebanese banks have "smuggled" nearly six billion dollars since last October, despite the withholding of transfers abroad as the country entered into a financial crisis.

Biffany, who resigned from his post two weeks ago, said in a report in the "Financial Times" that between $ 5.5 billion and six billion dollars had been "smuggled out of the country" by "bankers (not allowing) the depositor to withdraw $ 100".

Biffany accused the politicians and bankers of trying to "benefit from the system without incurring the slightest loss" while making the Lebanese pay the price of the collapse.

In another context, the IMF appealed to the Lebanese authorities to agree on the government's financial rescue plan, and said it was "ready to work to improve it if the need arises."

The IMF said: "We are concerned about Lebanon's attempts to provide fewer losses to its financial crisis, and we warn that this will only increase the cost of the crisis by delaying recovery."

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ANHA


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