US Treasury Secretary Scott Bessent and Lebanese Prime Minister Nawaf Salam shake hands. (Credit: Photo taken from Prime Minister's office X account)
BEIRUT — On Monday, Prime Minister Nawaf Salam met with U.S. Treasury Secretary Scott Bessent in Washington, on the sidelines of the United Nations General Assembly. The meeting was attended by Finance Minister Yassine Jaber and Lebanon’s ambassador to the United States, Nada Hamadeh Moawad.
Economic and financial relations between Lebanon and the United States were at the heart of the meeting. “Nawaf Salam outlined the progress made by the government on financial and banking reforms, as well as the ongoing steps to complete these reforms, address the repercussions of the financial crisis, and rebuild the banking sector,” the prime minister's office said in a post on X.
The two sides also discussed ongoing negotiations with the International Monetary Fund and cooperation with the World Bank. “Salam sought U.S. support to move forward on both fronts and secure the necessary backing for the reform and economic recovery program,” the statement added.
The meeting also addressed efforts to combat the cash economy, money laundering and terrorism financing, with the goal of "rebuilding trust in Lebanese finance and strengthening its integration into the international financial system," the statement concluded.
Since Lebanon’s economic collapse in 2019, individuals and businesses have increasingly relied on cash and foreign currencies outside the banking system. This lack of trust has fueled a cash-based economy, which in turn complicates efforts to recapitalize banks and restore financial intermediation.
