 on red, how does this all, all this good news or relatively good news with some question marks from the advanced economies look from your point of view? As a matter of fact, we have been hit just earlier this morning with a piece of bad news which is the resignation of the Prime Minister Hariri, Mr. Ogulu was talking about it. And this will certainly adversely impact the economy of Lebanon and the stability of Lebanon for several, for all kinds of reasons. But when it comes to the Arab region and the MENA region, we have the oil exporting and the oil importing countries. We have seen a sluggish growth which is projected at 1.7 percent in 2017 by the IMF. And certainly at the same time we have stubborn budget deficits at the oil exporting countries along with fiscal impotencies and high public indebtedness suffered by the MENA oil importing countries. Despite the projected rise, by the way, in these countries at 4.3 percent. However, these are only symptoms of profound structural socioeconomic challenges and contemporary microeconomic adversities. Let me just take a minute by just aligning or at least listing some of these challenges that we face in our part of the world be at the MENA oil importing or oil exporting countries. These structural socioeconomic challenges encompass lack of economic diversification and frontier economies, fiscal deficiencies and public finance unsoundness, unemployment and job market failures, weakness of the interregional economic integration and uniformity, insufficiency and unsustainability of economic growth and development, retardation of the technological innovation as well as the knowledge economy and research and development, weakness in financial inclusion and financial capabilities and exposure to financial crime, compliance pressures and malgovernance. So I think as for the contemporary microeconomic adversities, there are mainly as well the outcomes of regional, political and security unrests and conflicts accompanied by severe socioeconomic disturbances that are caused by massive population displacement in addition to socioeconomic and resource price shocks in the case of oil prices. So this is where we live at. This is a country of Lebanon and that we live not only we have our own challenges as far as the political, relatively political instability by having neighbors, two tough neighbors in our region, by having one and a half million Syrian refugees out of a population of four million. In addition to that, we have 500,000 refugees, Iraqi, Palestinians and others. So we have two million refugees in Lebanon over a population of little over four million. So given I just wanted to give that backdrop to where we stand, what kind of, what kind of, what are we talking about, the challenges that we are. Later on in my intervention, I'll talk specifically about how the central bank was able to overcome these challenges be within the country, within Lebanon and in the region as well. So obviously reasonably good performance in the advanced economies can't hurt but it hasn't been close to a solution, especially since it remains accompanied by among other things low energy prices, etc. So still problems and we'll come back to talk about the central bank.