Hariri Vows Electricity Plan in 3 Months as Parliament Allows Govt. to Borrow

W460

Prime Minister Saad Hariri on Wednesday promised that his government will devise an electricity plan within three months, as Parliament approved a law authorizing the government to borrow funds in foreign currencies.

LBCI television said Hariri demanded slashing a loan requested for power generation to “LBP 794 billion over three months” pending the finalization of the electricity plan.

Parliament Speaker Nabih Berri meanwhile stressed the need to “appoint members for the electricity board of directors and a regulatory commission” and to “hold a session to grill the government every month.”

Parliament also approved a draft law authorizing Government to borrow in foreign currencies after appeals from Hariri and Tripoli MP and ex-PM Najib Miqati.

“These are official payments and if the state does not pay, we will enter a dangerous phase regarding the possibility of the state's bankruptcy,” Miqati warned, calling for “an emergency financial session in order to study the financial situation from all its aspects.”

A debate between lawmakers preceded the vote on the draft law amid the rejection of Kataeb Party chief MP Sami Gemayel.

According to media reports, the law authorizes the government to borrow around $4.8 billion to pay debts and debt interests.

SourceNaharnet
Comments 3
Thumb whyaskwhy 06 March 2019, 21:56

7emeha 7arameeha, Mikati understands the debt structure well and the need to keep making the payments including interest. One has to wonder though how honest is this going to be handled going forward especially when we look at the recent history....

Missing rabiosa 07 March 2019, 16:57

Borrow, tax and spend with a little corruption. No wonder this country is always broke.

Thumb rover98 08 March 2019, 06:00

How about a plan to pay off the debt instead of borrowing, the interst payments alone could lift people from poverty.