Lebanon’s finance minister said on Tuesday there was no need for more delay or talks over the 2019 draft budget including spending cuts which the cabinet has met daily to finalise - although the foreign minister signaled the debate may continue.
The cabinet agreed on Monday most items in a budget that it says will reduce the deficit to 7.6% of GDP partly by delaying retirement and limiting benefits for state employees.
Last year, the deficit was higher than budgeted at 11.2% of GDP. Lebanon has one of the world’s heaviest public debt burdens at around 150% of GDP.
“For me, the budget is done ... I have presented all the numbers in their final form,” Ali Hassan Khalil tweeted.
But Foreign Minister Gebran Bassil, however, suggested the debate may go on. “The budget is done when it’s done,” he told reporters.
Government attempts to impose what Prime Minister Saad al-Hariri says would be most austere budget in its history have faced a string of protests and strikes by state workers and retired soldiers.
Also Read
-
Lebanon nod to most items in budget with deficit of 7.6 percent of GDP
Lebanon’s cabinet on Monday agreed to most items in a draft 2019 state budget that it says will reduce the deficit to 7.6 percent of GDP in part ... Economy -
Lebanon in no rush to issue Eurobond on May 20: Source
Lebanon is in no rush to close a deal to issue $2.5 billion to $3 billion in Eurobonds and can do so later when emerging markets have more appetite ... Economy -
Lebanon’s president urges ‘sacrifice’ as budget cuts debated
President Michel Aoun urged the Lebanese on Tuesday to end protests and make sacrifices to rescue the country from financial crisis as ministers ... Middle East -
Protests return to Lebanon as government discusses austerity
Dozens of Lebanese military and security veterans are protesting for the second time in two weeks against proposed cuts to their pensions and benefits ... Middle East
