do you think lebanon rules should be rewritten
Answers
You only need to grab any law book to realise that some of the Lebanese laws date from back when the country was under the French mandate, (1923-1946). Of course, through the years, some of them were changed or established on a case-to-case basis, but overall Lebanese laws are outdated and this does not portend well for the economy.
The disastrous economic situation the country is going through is a wake-up call to Lebanese officials to finally face up to the fact that it is time to modernise the laws to match the country's needs. Despite the problems, the international community has extended its helping hand with conferences such as CEDRE, held in Paris in April 6 last year, where over $11 billion was secured in soft loans and grants from donor countries.
Despite being the third most indebted country in the world, the world knows that Lebanon with its strategical geography is creditworthy with the potential to pay back, provided certain rules are in place and corruption is kept under check.
Lebanon also has a crucial role to play in Syria's reconstruction, which will benefit Lebanon with its port playing a major role. The country is connected to Syria by road and also has a maritime route through the ports of Tripoli and Beirut. It can therefore form the base for other companies to function from and also be a major supplier of labour. Lebanese hotels and tourist areas could also see a revival. Its proximity to Syria makes it easy for Syrian refugees to return to their country and its experience in the education and health sectors will be a useful asset in the reconstruction of Syria. Seven Lebanese banks have already made their entry into the Syrian markets in partnership with local shareholders.
Although the economic situation is critical, if the cards are played well, the country will rise again, and faster than expected. An efficient tax policy should be the first step. Couple that with a realistic budget and the country can be on the path to progress. Last year, government budget forecast a public deficit that did not exceed nine per cent of the GDP, when in fact it reached 11.2 per cent. This signals that this year it should fall to at least 8 per cent of the GDP.
The stakes are high and credibility is at stake. Lebanese Foreign Minister, Gebran Bassil welcomed this week the finalisation of the budget document. "We have achieved the first budget guaranteeing financial regulation, we have launched the trajectory of control and the reduction of the deficit, and we will continue it in future budgets until the State can finance its projects thanks to its revenues," said Bassil at an iftar in Tripoli, northern Lebanon.
Subjects that were more or less taboos are now being exposed. The chairman of the Parliamentary Committee on Finance and Budget, Ibrahim Kanaan, announced that of the 5,473 officials hired, only 460 are legal.
But it is heartening that the government is now willing to tackle these subjects putting aside the sectarian mentality. "The draft budget will soon be approved in Baabda and forwarded to the parliament, and the finance committee is ready to study it directly, in order to take the necessary decisions," said Ibrahim Kanaan.
"Our obsession is to organise public finances in accordance with the precepts of the constitution to implement the reforms, in order to limit public spending," he added.
The Lebanese are in the meantime waiting for the best to happen, hoping that the economic crisis is a wake-up call that will stir the officials from the state of denial they have been in for the past few years.
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plzz mark it as the brainliest answer!!!
Yes they should rewrite their rules in order to save their economy.
You only need to grab any law book to realize that some of the Lebanese laws date from back when the country was under the French mandate, (1923-1946). Of course, through the years, some of them were changed or established on a case-to-case basis, but overall Lebanese laws are outdated and this does not portend well for the economy.
According to The Economist, Lebanon's dysfunction and mismanagement, a cause of the protests, has its origins in the country's sectarian political system enshrined following the Taif agreement, which took place in 1989, almost thirty years before the 2019 protest began.