Bank of America Rules Out BDL Audit under New Government

  • Economics
Bank of America Rules Out BDL Audit under New Government

Bank of America Global Research said it is very likely that new Finance Minister Youssif Khalil would unify Finance Ministry and Central Bank efforts regarding talks with the International Monetary Fund and this could also mean that the forensic auditing of the Central Bank’s account would not be completed.

“Director for Financial Operations Khalil to the post of Minister of Finance (MoF) may now unify BdL-MoF views in regards to IMF talks. The privileged BdL access of Minister of Finance Khalil may mean a BdL audit remains unlikely to complete,” BoA said in its report on the financial situation in Lebanon following the formation of a new Cabinet headed by Prime Minister Najib Mikati.

But outgoing Finance Minister Ghazi Wazni said Tuesday said a contract for a forensic audit of the Central Bank would be signed in a few days by the new government with Alvarez & Marsal (A&M), a step aimed at helping the country out of its crisis.

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Source: The Daily Star