Naharnet

Khalil: Lebanon is Not Greece...Political Crises Cripple Economy

Finance Minister Ali Hassan Khalil appeased concerns on Thursday and said that “Lebanon is not Greece” and is not in a state of bankruptcy as some rumors claim, assuring that it is capable of overcoming the crisis, al-Joumhouria daily reported.

“Apart from the ratings and reports of foreign agencies, Lebanon is in a difficult situation, but it is not a bankrupt country and there is nothing to fear over the price of Lebanese pound as some "black rooms" claim only to promote confusion and anxiety,” said Khalil in an interview with the daily.

“It is not a rosy image, as all Lebanese wish, but at the same time it is neither bleak nor hopeless. We have the potential and capabilities to move this image, in a short period of time, to the oasis of recovery,” assured the Minister.

"Lebanon is not like Greece," Khalil said, "our banking sector is strong, steadfast and influential in our economy and finances. We have reasonable reserves in the central bank, and there is a serious willingness to take reform steps, although it is not easy, but I believe that with a bit of seriousness we can make a big difference, and we are keen to achieve this difference,” he assured.

On the 2019 state budget, Khalil said: “This budget did not come from vacuum, but was the product of a long debate with the political forces and parliamentary blocs.

“We can frankly say, today we are in front of a budget that refuted accusations of reducing salaries and wages, imposing new taxes, and targeting the military, army and retirees. On the contrary, it turned out that all these allegations were not originally proposed by the Ministry of Finance,” he added

On Lebanon’s 2020 draft state budget, Khalil said his ministry “will complete discussing the budget figures of 2020 in the next 24 hours,” stressing commitment to the constitutional deadlines stipulating that it be submitted to the Cabinet before the end of August.

The Minister concluded: "In short, Lebanon can still emerge from the crisis, provided that there is a serious political will to keep pace with the proposed economic steps."

Source: Naharnet


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