President of the National Dialogue Party, MP Fouad Makhzoumi, visited President of the Republic General Michel Aoun at Baabda Palace, where they discussed the local and regional situation.

Following the meeting, Makhzoumi said that the discussions addressed the general situation in Lebanon and the region, as well as the difficult circumstances facing the country. He stressed that the government must make finding solutions to the country’s difficult economic and financial situation its top priority.

He considered that the $71 million paid in interest on Eurobonds would make little difference in the eyes of the international community if the government’s chosen course was to restructure the public debt. He emphasized the urgent need to pay attention to citizens’ living conditions and health, particularly in light of the sharp and uncontrolled increase in the prices of medical supplies, disinfectants, and face masks following the confirmation of two coronavirus cases in Lebanon. This, he said, highlighted the absence of market oversight to control prices.

Makhzoumi also described the start of drilling operations to explore Lebanon’s first oil well as a positive step, noting that citizens had the right to view this wealth as a lifeline for Lebanon. At the same time, he reiterated the need to establish a sovereign wealth fund to ensure that oil and gas revenues would not be used to repay the public debt.

He stressed that the primary objective must be to safeguard this wealth and use it to develop the country for the benefit of young men and women and future generations. He warned against extracting oil before the country was capable of investing the resulting revenues in the right way.