Khalil Says Lebanon Capable of Overcoming Economic Crisis

إقرأ هذا الخبر بالعربية W460

As Lebanon grapples with an economic crisis pressuring the government into implementing austerity measures, Finance Minister Ali Hassan Khalil said he is “optimistic” about the capability to overcome it, al-Joumhouria daily reported on Wednesday.

“After a comprehensive review I have sent 33 copies of the revised version of the draft budget, the entire government components are now facing limited options and a need to shoulder responsibility which requires us to go to a serious budget to address the imbalances. I am optimistic about the ability to overcome the crisis,” said Khail.

Khalil has reportedly presented a draft budget law composed of 1000 pages to the Cabinet's general secretariat, and that it included austerity measures, attached to a detailed report including the objectives of the project.

Lebanon is set to impose austerity measures to combat its bulging fiscal deficit amid warnings of an economic "catastrophe" if public spending keeps rising.

The country is one of the world's most indebted countries, with public debt estimated at 141 percent of gross domestic product in 2018, according to credit ratings agency Moody's.

The budget for 2019 has yet to be finalised, but public sector workers fear that austerity measures may mean cuts to their salaries. Hundreds of civil servants protested in Beirut earlier to denounce any such move.

Comments 2
Thumb whyaskwhy 24 April 2019, 20:32

And yes elephants and pigs both fly....

Thumb warrior 25 April 2019, 03:34

confidence and reassurance: that's what I get when I look at this nobody.