Saturday, 21 October 2017 06:54 GMT
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World Bank Chief underlines challenges facing Lebanon's economic growth

(MENAFN - Kuwait News Agency (KUNA)) World Bank President Jim Kim said Monday that he will focus in Lebanon on making reforms to various sectors to energize economic growth, and to support its medium and long range strategies. Upon arrival in Beirut, Kim told reporters at the airport that his visit aimed to support Lebanon in this critical time, praising Lebanon's hosting of Syrian refugees. Meanwhile, Lebanese Minister of Economy and Trade Alan Hakim said the visit comes to address two main issues, one is the Syrian refugees, and the other is forming a joint plan to tackle the issue of energy. Prior to his arrival, Kim said that the Syrian crisis has cost Lebanon USD 7.5 billion, thus Lebanon's gross domestic product went down by 2.9 percent between 2012 and 2014. The World Bank chief added that the number of Lebanese labeled as poor by the bank reached 170,000 in addition to doubling unemployment rate surpassing the 20 percent mark. The bank also warned in a statement last night from the increase in pressure to water and electricity in Jordan and Lebanon.
World Bank Chief underlines challenges facing Lebanon's economic growth