Lebanon News

Head of bankers' association supports pay hike, reform

BEIRUT: The head of the Association of Banks in Lebanon, Francois Bassil, said Friday he supports a controversial pay hike as long as it is accompanied by reforms.

“We support the salary scale on the condition it is accompanied by reforms, as well as the distribution of taxes according to proportion,” Bassil said following a meeting with Lebanese Forces leader Samir Geagea.

"These additional expenses on the Treasury can be covered by improving tax collection and job performance, and radical reforms," he added.

Bassil said the raise does not require more taxes.

Lebanon’s Central Bank Governor Riad Salameh has called for an installment plan to pay the wage hikes in a bid to ease pressure on the Treasury’s finances and avoid inflation.

A special parliamentary committee tasked with studying the salary scale is expected to finalize its report by the end of this week.





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