Economy Minister Amer Bisat at the press conference in the Economy Ministry on May 26, 2025. (Credit: Stephanie Bechara/L'Orient Today)
BEIRUT — Economy and Trade Minister Amer Bisat held a press conference on Monday to outline nine key files he plans to address over the course of his mandate.
The minister laid out a macro agenda that includes formulating a medium-term economic framework, engaging in the ongoing negotiations with the International Monetary Fund (IMF) and supporting the restructuring of the banking sector, an initiative primarily led by the Finance Ministry.
Mired in an economic crisis since 2019, Lebanon had failed to implement the necessary reforms to unlock a deal with the IMF and avert its collapse. The local currency saw 98 percent of its value decimated, while the Gross Domestic Product (GDP) was slashed in half.
Bisat announced plans to draft a report of the government’s medium-term economic vision for Lebanon and to develop a sector-focused economic study built on the updated version of the 2018 McKinsey report.
The report, which had cost the state $1.3 million at the time, proposed recommendations to boost the productive sectors and the country's exports, setting quantified objectives for 2025 and 2035.
The ministry is also preparing to host an investment conference this fall, “Lebanon is Back in Business,” to attract funds and capital back into the country.
Acknowledging public frustration over inflation and soaring prices, Bisat promised both short-term interventions and structural reforms to protect consumer purchasing power. He further pledged to operationalize Lebanon’s long-stalled Competition Law by issuing the required decrees, forming a Competition Authority, and creating a specialized implementation unit.
Commitments to support the private sector were emphasized, which the ministry plans to push by streamlining business procedures, including relaunching credit access for small and medium enterprises, and strengthening public-private partnerships to boost economic activity.
The reform agenda includes the insurance sector, with a comprehensive restructuring plan set to begin with the appointment of a new National Insurance Council to oversee upcoming activities.
As part of his broader agenda, Bisat announced initiatives aimed at addressing the damaged grain silos at the Beirut Port and digitizing the ministry. In Tripoli, plans to revive the Rashid Karami International Fair are also in the works.
Former Caretaker Economy Minister Amin Salam is being investigated over charges of embezzlement, extortion and waste of public money. Bisat told L’Orient Today that “upon closely examining these files, we’ve determined that they should be transferred to the judiciary and investigative bodies as part of our commitment to protect public funds.”
“Should any charges hold and funds be returned, we hope that the government and ministry will be able to get them back,” he added.
The ministry is focused on renegotiating, modifying and strengthening existing trade agreements and starting new ones. The focus now is on former agreements with the Grain and Free Trade Association (GAFTA) and Saudi Arabia, amongst others. “Joining the World Trade Organization [of which Lebanon is not currently a member] is a broader project which we are also considering,” said Bisat.