Cabinet Makes 'Very Big Progress' towards Approving State Budget
Prime Minister Saad Hariri presided over a new Cabinet meeting dedicated to discussing the draft state budget on Thursday after which Finance Minister Ali Hassan Khalil announced that “very big progress” has been made towards approving the budget.
“Today we made very big progress and in principle, all the legal articles pertaining to the budget have been finalized,” Khalil said after the session.
“We have started discussing the taxing measures and the amendments and the premier has scheduled three sessions for next week that will start on Monday. According to my estimations, it is possible to finalize the budget during these sessions,” the minister added.
“As for the issue of seaside properties, there is an inclination to replace the item related to slapping fines on seaside properties with a legal article aimed at reaching settlements over these properties, which had been discussed by the (joint) parliamentary committees and the administration and justice and public works committees,” Khalil went on to say.
Due to disputes between the rival political parties, Lebanon has not approved a state budget since 2005.
24 February 2017, 16:43
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Raising taxes on remaining productive sectors of the economy is a recipe for disaster. We are racing towards the abyss unless our economy grow, communication and infrastructure improves, and multinationals especially in the tech sector rediscover what Lebanon offers (best regional education and business spirit). After Cedar Revolution, economy grew by over 6%, reflecting true country potential. But the 64 tons gorilla that is destroying our economy is Hizbollah. Hizb scares away multinational firms with their good paying jobs, and destroy long-term confidence in Lebanon necessary for investments and regaining our regional economic role. Hizb speeches, threats, and being an Iranian tool is the biggest burden on economy costing 100s billion dollars. Sadly, Kalam El Nass yesterday, whether by ignorance or self-censure, no guest could even mention the 64 tons gorilla. Any economist skilled in risk management will speak truth to what is destroying our economy and future.
