Lebanon Central Bank Audit Demanded by Creditors to Resume

  • Date: 20-Oct-2021
  • Source: Naharnet
  • Sector:Economy
  • Country:Lebanon
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Lebanon Central Bank Audit Demanded by Creditors to Resume

A New York-based firm contracted by the Lebanese government is to resume its audit of the central bank Thursday in line with creditors' demands, the Lebanese presidency and a top official said.

The International Monetary Fund and France are among creditors demanding an audit of Banque du Liban as part of urgent reforms to unlock financial support to deal with an economic crisis branded by the World Bank as one of the planet's worst since the mid-19th century.

The Alvarez & Marsal (A&M) auditing firm had launched an audit in September last year but was forced to pull out some two months later because the central bank failed to hand over necessary data.

On Wednesday, President Michel Aoun met with A&M managing director James Daniell, who informed him that "the company will begin tomorrow its forensic financial audit of Lebanon's central bank after all arrangements were completed," the presidency said.

Finance ministry official Georges Maarawi told AFP that the auditing firm "will have 12 weeks to collect information and draft a report," under the terms of its contract with the Lebanese government. 

The contract with A&M was signed by Finance Minister Youssef Khalil last month only days after he took up his post.

In December, parliament