Lebanon starts central bank audit in effort to exit financial crisis


Lebanon has started a forensic audit of the central bank, the Finance Ministry said on Wednesday, one of the steps donors want to see to help the nation claw its way out of a crippling financial crisis. The government agreed in July to hire turnaround specialist Alvarez & Marsal to conduct the forensic audit, which typically involves close examination of an institution's financial records and can potentially identify any misuse of funds. Starting the audit was a requirement in a French roadmap that sets out steps to secure desperately needed international aid and help end a crisis that poses the biggest threat to Lebanon's stability since the 1975-1990 civil war. The ministry said, as a first step, Alvarez would present to caretaker Finance Minister Ghazi Wazni "a preliminary ...read more...