President of the National Dialogue Party, MP Fouad Makhzoumi, affirmed that the International Monetary Fund (IMF) is the only viable solution available to Lebanon today, warning that some parties are seeking to undermine negotiations with the Fund and derail the government’s reform plan. He stressed the importance of a forensic financial audit and a sovereign wealth fund. He also addressed Banque du Liban and the banks’ handling of depositors’ funds and fresh money, affirming that he would continue to defend people’s rights.
Makhzoumi made these remarks during a press conference held at the Lebanese Parliament, explaining that the purpose was to sound the alarm and alert the Lebanese people to the dire situation the country had reached.
Addressing the forensic financial audit, he noted that politicians had agreed to disagree over the issue, fearing that concealed facts might come to light. He stressed that he would not abandon his insistence on conducting the audit, which, in his view, must be public, transparent, and impartial. This would allow everyone to understand who had brought the country to its current predicament and ensure that those responsible were held accountable by an independent body operating outside the corrupt establishment.
Regarding the sovereign wealth fund, Makhzoumi said it must be managed with integrity and transparency and remain independent of Banque du Liban. He called for Parliament to play a more active role in oversight and accountability. He recalled that he had advocated for such a fund for years, while expressing concern that it could become another gateway to corruption and political patronage.
Makhzoumi outlined the assets owned by the state, noting that various sectors had lost their value because of mismanagement and widespread corruption within their institutions. He argued that the sovereign wealth fund should not be used to eliminate or repay the public debt. Instead, it should invest in infrastructure, electricity, and job creation for young people, so that emigration would not become their only means of seeking a better future.
On subsidies for essential goods, Makhzoumi described the existing support system as illusory and called for strict oversight of subsidized products. He emphasized the importance of restoring the confidence of countries around the world in Lebanon, stating that the time had come to ensure accountability and recover misappropriated funds.
Commenting on recent reports concerning his remarks that three major banks were considering a proposal to pay Lebanese citizens part of the funds transferred from abroad in U.S. dollars as fresh money and the remainder in Lebanese pounds, Makhzoumi said he was particularly struck by the fact that most of the politicians and bankers who contacted him were keen to deny that such a proposal was being considered.
In response, Makhzoumi said that the facts, circulars issued by Banque du Liban, and banking practices offered little reassurance. In his view, they suggested that banks might be prepared to do more than withhold part of the fresh money and could instead confiscate all of it. He noted that money transfer companies such as OMT, Western Union, and others had already adopted practices he considered comparable.
Makhzoumi concluded by saying that he had entered Parliament to exercise oversight, ensure accountability, and pursue change, and that he would not retreat from these objectives under any circumstances.
In response to journalists’ questions about the visit of French Foreign Minister Jean-Yves Le Drian, Makhzoumi said that France had long supported Lebanon and stood by its side. However, he stressed that no one could help Lebanon if the Lebanese did not help themselves.
He added that all parties should understand that no country would provide financial assistance unless Lebanon implemented the reforms necessary to restore confidence in the country.