Salameh: Lebanon Isn’t on Verge of Bankruptcy

إقرأ هذا الخبر بالعربية W460

Lebanon’s Central Bank Governor Riad Salameh assured on Tuesday that Lebanon is not on the verge of bankruptcy, as the government prepares to impose austerity measures to combat the bulging fiscal deficit, LBCI TV station reported.

“According to available data, it does not indicate that Lebanon is on the verge of bankruptcy,” Salameh said, “I can confirm that in terms of the assets of the Banque du Liban and in terms of the assets of the banking sector," he told the station.

Salemeh added saying that “35% of Lebanese public debt is in the central bank.”

Lebanon’s government plans on implementing strict austerity measures to reduce a ballooning budget deficit and massive national debt.

The austerity measures to be adopted in the new budget could lead to wage cuts for state employees amid the economic crisis. The budget is still in the works and is expected to be sent to parliament for approval in the coming weeks.

Discussions by the government of what it called "painful" and "unpopular" measures to be taken to try to cut the budget deficit and slow the growth of the national debt, which stands at more than $85 billion, or more than 150% of the gross domestic product, making it among the highest in the world.

SourceNaharnet
Comments 6
Missing un520 23 April 2019, 12:59

People are calm. Then an additional message: We are also out of shisha-tobacco.... All hell breaks loose....

Thumb s.o.s 23 April 2019, 14:18

his son's sumptuous wedding party cost $5 millions last week... Who can afford this kind of money on a State salary? only in Lebanon.... last summer it was Abbas Ibrahim's son.... corruption and theft in Lebanon is extremely profitable but the government wants to bleed everyone dry except the political class.

Thumb canadianleb 23 April 2019, 15:01

Shouldn't expect anything less from the banana republic's Central Bank Governor Riad Salameh.

Missing rabiosa 23 April 2019, 17:03

If not on verge of bankruptcy, then why is everyone afraid to implement the budget cuts and austerity measures that are an absolute necessity.

Thumb whyaskwhy 23 April 2019, 17:09

He is about as genuine as a $3 dollar Rolex. I do expect him to be positive in lieu of hard facts hes simply expressing the need to be positive and for folks not to rush to withdraw their funds from institutions that the state depends on. That said though and we all know hoe indecisive the government will be going forward with the budget especially when approval is also sought from external entities such as Syria, Iran and KSA not to mention Russia, the USA and probably France and the Vatican too!

Thumb libanaisresilient 24 April 2019, 03:22

If it's not on the verge of bankruptcy why austerity measures?? Salameh is Ugly, corrupt and LIAR, Nothing but another stooge who benefits from the schemes of his corrupt masters.