Press Releases 2008

Statement by Andrew Baukol, Deputy Assistant Secretary, Treasury Department

February 25, 2008

U.S. Deputy Assistant Secretary of Treasury for Africa and the Middle East Andrew Baukol visited Beirut on February 25.  He met with Minister of Finance Jihad Azour, Minister of Economy and Trade Sami Haddad, Central Bank Governor Riad Salameh and other officials in the public and private sectors.  Mr. Baukol issued the following statement after his meetings:

I was delighted to visit Lebanon today to express United States support for the government of Lebanon and discuss how the international community can help Lebanon improve prosperity for people throughout the country.  The Lebanese economy has shown impressive resilience in the face of many challenges over the past two years.  This is a testimony to the sound economic management by the Lebanese government and the Central Bank of Lebanon.  It also is a testimony to the skills of Lebanon’s financial and business community.

In my discussions today, I congratulated the Lebanese authorities on successfully meeting the targets in the International Monetary Fund's Post Emergency Post-Conflict Agreement last year, despite the difficult political environment.  I also encouraged the government to continue to advance economic policy reforms as laid out in the government's agenda at the Paris III Donors Conference.  In addition, I highlighted international efforts to combat terrorism finance.  I am pleased that Lebanese banks and banking regulatory officials in the government and Central Bank are seriously addressing the issue of illicit financing, which is essential to maintaining strong relations with U.S. banking institutions.

Since 2006, the U.S. has allocated more than one billion dollars in assistance to Lebanon.  This commitment to Lebanon's legitimate government and its national institutions bears witness to the American people's support for your country.    

I encourage Lebanon’s friends and neighbors in the international community to continue to offer their support to the  Lebanese government.  This support will help the government continue to pursue necessary economic and social reforms, which in turn will ensure that this nation will continue to grow and prosper in the coming years.