On March 15, 2025, Minister of Finance Yassin Jaber convened with economic bodies led by former minister Muhammad Shaker at the Beirut Chamber of Commerce to explore ways to strengthen cooperation between the ministry and Lebanese enterprises. This gathering aims to address complex issues affecting the private sector and engage with various economic actors to uplift Lebanon's economy.
During the meeting, Shaker articulated the necessity for the state to abandon viewing the private sector merely as a source of revenue. He argued, "For many years, we have suffered greatly from crises due to financial and tax policies contrary to sound economic analysis, detrimental to the legitimate economy." He underscored the need for the government to establish fair financial and tax policies, which could bolster business and investment, thereby enhancing treasury revenues and improving the country's overall social and developmental impact.
Shaker urged the government to prioritize the operationalization of these policies over potential tax increases. He highlighted the importance of improving revenue collection and broadening the tax base to include unregistered entities. "What matters most is ensuring fiscal sustainability without overburdening legitimate businesses," he added.
To guide these efforts, Shaker noted the preparation of a comprehensive reform proposal called “Outlines of the New Lebanon,” which has already been presented to President Joseph Aoun. This document contains various reforms aimed at transitioning Lebanon to a more modern and efficient state. Key recommendations include lifting Lebanon off the grey list of financial jurisdictions, securing agreements with the International Monetary Fund (IMF), establishing credible economic recovery programs, and updating legal frameworks governing taxation, bankruptcy, and investment.
After praising Shaker's insights, Jaber reaffirmed the government's commitment to reinforcing partnerships with the private sector. He remarked, "At the forefront of the government's proposals is strengthening our partnership with the private sector, whether through forthcoming projects or providing comprehensive support to sectors suffering from prolonged difficulties." Jaber acknowledged the various challenges faced by the economy and the importance of collaboration with economic entities to facilitate growth.
Both Jaber and Shaker discussed actionable strategies for facilitating economic recovery. Jaber emphasized the urgent need for thorough customs reforms to curb smuggling operations and increase the transparency and efficiency of revenue collection processes. He highlighted the implementation of technological solutions like artificial intelligence to improve processes across financial and taxation operations.
"We aim to institute systemic changes rather than merely personnel adjustments,” Jaber explained. He expressed optimism about the role of technology, stating, “This includes consolidations within our information centers involving customs, tax, and treasury databases to streamline operations.”
On the topic of the 2026 budget, Jaber mentioned the importance of timely input from economic bodies to shape its development. He remarked, “Our preference was to defer the budget recovery approach to save time, endorsing it via decree for enhanced monitoring aligned with regulatory standards.”
Reflecting on the meeting’s atmosphere, Jaber conveyed appreciation for the IMF's recent delegation, indicating this could lead to significant financial agreements with the Fund; pivotal for any forthcoming international aid initiatives. He noted, "Without completing negotiations with the Fund, Lebanon cannot expect financial assistance from the international community, which seeks demonstrable changes."
On administrative appointments, Jaber called for transparent mechanisms to uphold efficiency, highlighting the need for establishing regulatory bodies swiftly. He also announced upcoming administrative appointments as part of operational reforms, emphasizing the strong potential for revitalizing as well as enhancing regulatory frameworks, particularly concerning electricity—a sector he described as pivotal for national recovery.
Jaber reiterated the importance of cooperation and coordination with economic entities to monitor the progress on economic policies and initiatives thoroughly. He also touched on reconstruction efforts, indicating the World Bank's proposal for initiating a billion-dollar fund aimed at sustainable rebuilding projects.
Overall, the dialogue led by Jaber and Shaker remains focused on fostering transparent communication and collaborative frameworks, hoping these initiatives can tackle the multifaceted challenges still facing Lebanon's economy today. With reformative steps anticipated and partnerships being solidified, Lebanon's path to economic maturity looks cautiously optimistic as stakeholders commit to fighting existing hurdles together.