Bissat to The Beiruter: “No economic recovery is possible unless the state restores its authority”

Economy Minister Amer Bissat’s “obsession” with Lebanese public affairs was the driving force behind his return to Lebanon after nearly four decades abroad. In an interview with “The Beiruter”, he said that his decision to accept the economy portfolio stemmed from a deep sense of pain over what the country is enduring, coupled with his conviction that genuine change is necessary.

Bissat described the past few years in Lebanon as “strange and abnormal,” but underlined his confidence in the country’s future.

Especially with the new era and the genuine will among both government leaders and Lebanese society to move forward and overcome the failures of the past

He praised President Nawaf Salam’s vision and his resilience in confronting challenges.

He stressed that Lebanon’s current crisis is not unique, noting that many countries have faced similar financial and economic hardships. Lebanon’s biggest problems, he explained, lie in a banking sector under severe strain and in need of restructuring; key economic sectors in collapse, such as electricity; a faltering public finance policy; and the absence of effective oversight over economic institutions.

Bissat stressed that addressing these challenges requires both technical expertise and political sensitivity, since “theoretical approaches alone are insufficient if not coupled with an understanding of the complex political, sectarian, and regional realities.” He argued that the path forward must begin with “comprehensive restructuring of economic sectors, resolving the public finance dilemma, securing new state revenues, rehabilitating dilapidated institutions, tackling appointments, establishing regulatory bodies, and resolving the electricity crisis.”

While these files require decisive political decisions, he expressed optimism about the launch of a long-term plan that would put all these priorities on the right track, “even if implementation takes time.”

The link between economic reform and security

On the impact of illicit arms on Lebanon’s recovery, Bissat was clear: “Prosperity is impossible without political reform to match economic reform.” He explained that any financial recovery plan or attempt to attract investment will remain mere ink on paper if security is fragile or if the State remains unable to impose its authority across its entire territory.

“There can be no real economy,” he added, “if borders are not strictly controlled, if counterfeiting, smuggling, and drug trafficking persist. These practices not only drain public finances, they destroy Lebanon’s commercial reputation and erode international confidence.” For Bissat, restoring the State’s prestige begins with its exclusive monopoly over decisions on arms and security. This would rebuild trust at home and reassure abroad, particularly Arab states and the international community, which insist on full sovereignty before committing aid or investment.

Past experiences, he noted, show that no economy can grow in a “security minefield,” pointing to stagnation and investment flight in other regional countries that lacked stability. “Economic reforms, however necessary and urgent, remain pointless without comprehensive political reform that curbs illicit arms and establishes the State’s authority as the sole reference.”

A “Flawed” File: Private Generators

Bissat turned to the issue of private generators, describing it as “a file riddled with flaws,” far removed from any clear regulatory framework. This sector, he explained, began as a temporary solution to the State’s failure to provide electricity, but over time evolved into a parallel industry dominated by networks of private interests at the expense of citizens.

Thousands of Lebanese families, he said, are crushed by exorbitant monthly subscription costs, in the absence of any real oversight over pricing set by the “generator cartels.” This has only compounded the economic and social burden on citizens. “The State,” he added, “is obliged to use its legal and security powers, in cooperation with municipalities, to impose transparency and fair pricing, and to bring order to a sector that cannot remain hostage to chaos or arbitrariness.”

Banks and depositors’ funds

On the restructuring of banks and the recovery of depositors’ funds, Bissat explained that the process has been divided into three steps. The first was lifting banking secrecy—long considered untouchable an achievement in itself. The second is the banking restructuring law, which sets the legal, administrative, and financial framework for reorganization. This law, he noted, enshrines the protection of depositors as a priority. At the same time, he stressed that the State must assume its responsibilities without resorting to borrowing or imposing new taxes on the population.

Bissat said it is essential to restore the solvency of the Central Bank without overburdening it, and the same applies to commercial banks. “We must take into account the capacity of the State, the Central Bank, and the Lebanese banks to absorb the costs.”

Negotiations with the IMF

On Lebanon’s talks with the International Monetary Fund, and whether undisclosed conditions exist, Bissat clarified that negotiations with the Fund naturally involve several rounds five of which have already taken place. Another IMF delegation is expected to return to Lebanon next week. He described the five meetings as “within the normal course of complex negotiations, especially with cases as intricate as Lebanon’s.”

He stressed that progress has been made on several fronts, including the financial sector, public finances, and Eurobonds, with the Fund expressing satisfaction over fiscal developments. Other ongoing discussions involve monetary policies and sectoral reforms, particularly electricity and regulatory bodies. “The IMF does not impose conditions on Lebanon,” Bissat said. “It presents proposals that Lebanon is free to reject if they are not in its national interest.”

He clarified that sanctions do not fall within the economic file but are political decisions at the level of governments. As for the FATF “grey list,” he linked it to Lebanon’s handling of the cash economy, border control, and anti–money laundering measures. The upcoming September round of talks, he added, will not be the last, with further rounds to follow, given the complexity of the issues and the hundreds of pages of data and legislation under review. The next step will be in October, during the IMF’s annual meetings, where another round will take place. “I believe the discussions will conclude at that time,” he said, affirming “tangible progress” has already been achieved.

Gold is a red line

On the debate over Lebanon’s gold reserves, Bissat stressed their “strategic importance in supporting the Lebanese economy.” Gold, he explained, is a critical pillar of confidence at home and abroad, and serves as a financial safety valve amid the ongoing collapse. The question of liquidation, he argued, is “a political issue par excellence, not merely a technical one,” warning that reopening this file under current conditions would shake one of the last remaining anchors of trust in Lebanon’s economy.

He categorically denied rumors that the government was secretly preparing to liquidate part of the gold with IMF backing, dismissing such claims as “rumors and conspiracy theories.” He reminded that any such step would require amending Law 42/1986, which prohibits disposing of gold except by parliamentary decision.

The priority today is not to think about liquidating gold, but to implement the necessary financial and economic reforms, and to restore trust gradually by building strong institutions. That way, we protect this wealth instead of touching it

For Bissat, Lebanon’s true investment lies in “its people, its youth, its geography, and its diaspora, alongside the role of its various sectors.” He reiterated his belief that Lebanon’s “human capital is the greatest wealth on which economic revival can be built.”

Toward Arab and international re-engagement

Bissat sees Lebanon’s strategic choice as a return to “the Arab and international fold,” despite current political obstacles. He expressed optimism that this path will gradually consolidate, pointing to the readiness of Arab and European countries to support Lebanon. He also highlighted that growth in the Syrian economy will reflect positively on Lebanon, given the close economic ties between the two countries especially in construction, engineering, media, and banking.

He concluded by laying out a clear roadmap: deep financial and economic reform, coupled with political reform that restores the authority and prestige of the State.

“I am betting on the capacities of the Lebanese people and their global presence. Restoring trust locally and internationally begins at home through transparent policies, a productive economy, and a strong State that alone monopolizes security and decision-making.”