The audit, which hit a roadblock last year, is a key condition for foreign aid that Lebanon badly needs as it grapples with a financial collapse rooted in decades of waste and graft. The currency has crashed and banks are paralyzed.
When restructuring consultancy A&M withdrew from the audit last November, it said it had not received the information it needed from Lebanon’s central bank.
Parliament agreed in December to lift banking secrecy for one year, amid much back-and-forth between Lebanese officials including the ministry and the central bank over whether certain information could be disclosed.
After a meeting with the central bank and A&M on Tuesday, the finance ministry said the bank confirmed its commitment to an audit and to deadlines to provide the necessary documents. It said attendees would stay in contact “in order to re-activate the forensic audit and evaluate the current development.”
There was no immediate comment from the central bank or A&M.
Grain silos at Lebanon’s Beirut Port must be demolished to avoid collapse: ExpertsA section of the grain silos that absorbed much of last year’s Beirut port blast must be demolished to avoid collapse, experts warned in a report ... Middle East
Half of Lebanon’s citizens live below the poverty line: World BankNearly 50 percent of Lebanon's citizens now live below the poverty line, while the country is on the verge of bankruptcy, Vice President of the World ... Economy
Mix of relief and despair as Lebanon's power generation funds securedNews last week that Lebanon's parliament approved a $200 million loan to buy fuel imports for power generation, offered some respite for the country’s ... Perspective
World bank urges Lebanon authorities to ‘get their act together’Lebanon must be willing to implement some real changes in order to get international funding assistance, according to the World Bank’s Middle East and ... Economy
Lebanon to swap medical expertise for Iraqi oilOfficials from Beirut and Baghdad signed a preliminary agreement Friday that would see Lebanon trade its medical expertise for Iraqi fuel supplies, ... Middle East
UK crime agency considers investigating Lebanon corruption report: SourcesBritain’s organized crime agency is reviewing a report by a group of London-based lawyers which accuses Lebanon’s central bank governor Riad Salameh ... Middle East
Lebanon ministry to ask consultants A&M to resume central bank forensic auditLebanon’s finance minister said on Wednesday the country would contact Alvarez & Marsal to resume a forensic audit of the central bank, a key ... Economy