The regional director of the World Bank Saroj Kumar Jha estimated that the reform of the electricity sector should be a top priority for the next government and this in order to prove that it is capable of solving the recurring problems of mismanagement of the sector. public.
He thus estimates that the public deficit and the state debt would be induced in large part by the mismanagement of the electricity sector, recalling that 2 billion dollars on average are spent via a call for debt to subsidize the electricity sector. Electricity of Lebanon and the purchase of fuels from the monetary reserves of the Bank of Lebanon.
The World Bank has reportedly declared itself ready to support a sector reform program. However, it would involve setting up an independent regulator that sidelined ministers for the first 12 months after a new government is put in place. It is also about using renewable energies such as solar and wind energy.
This reform would have profound impacts with the creation of jobs and investments while reducing the budget deficit.
The head of the World Bank also commented on the report published recently by his institution on the seriousness of the economic crisis, described as one of the 3 worst crises since the middle of the 19th century in the world. He thus revealed that the quality of the education sector is already declining. It will thus have an impact on future generations.
Saroj Kumar Jha also noted that poverty rates have deteriorated alarmingly in recent months. 77% of the population would no longer have enough food, noted UNICED.
Lebanon has never seen this level of deprivation, distress and poverty and the social dimension of this crisis seems to us a huge paradox in a country which has enormous human potential, enormous talent, very enterprising people but a lack pure and simple governanceSaroj Kumar Jha, July 2, 2021
However, the major factor of the crisis is linked to the economic and financial situation induced by corruption in all public and private sectors before noting the absence of any political action on the part of those who were responsible for taking political measures. to avoid it.