Once Again, the Lebanese Forces MPs Propose Privatization as a Solution to the Lebanese Crisis

A draft law proposing the creation of an independent institution responsible for managing state assets.

On 6/03/2024, the Administration and Justice Committee held a meeting and decided to pass it on to the subcommittee for further study

Referred to the Committee of Administration and Justice and the Committee of Finance, and Budget on 6/12/2023

It was referred to the government on 22/02/2023

The draft law was submitted on 13/02/2023

Once every while, a new attempt to privatize state assets and state property appears through several proposals, which may differ in form, but usually share the same essence. Today, the Lebanese Forces MPs submitted a similar bill, proposing the creation of an independent institution responsible for managing state assets, including real estate assets, with the aim of providing the Deposit Reconfiguration Fund with profits from this institution. This proposal completely disregards the responsibility of banks in managing the depositors’ losses, blaming the state – in other words, society – for all losses, and presenting disguised privatization as a solution to improve the governance of state assets and raise their profitability. Through this draft law – as well as previous proposals – privatization is presented as if it were the only logical / inevitable course of affairs in the crisis that Lebanon is going through. The danger of this narrative is that it dismisses the main motive behind its supporters’ and the regime’s will to transfer the losses to the state – which the regime has endorsed since the start of the crisis. Resorting to privatization and transferring state responsibilities to the private sector is often justified as part of the capitalist approach and its constant attempt to expand spatially by creating more markets and future profits.

Public Property Lebanon