Report: Khalil ‘Appeases’ Collapse Fears, Says No Tax on Fuel

W460

Finance Minister Ali Hassan Khalil appeased concerns of an economic collapse saying “everything said was the result of rumors some find easy to circulate around,” al-Joumhouria daily reported on Friday.

In remarks to the newspaper about the government’s efforts to approve Lebanon’s 2019 state budget, he said: “Our aim is to take out a budget in the form that restores public finances, what we are trying to do is to reduce the deficit to below 9 percent.”

He said people should not be concerned because “everything said was the result of rumors and mere talk that some find easy to circulate around without any basis.”

In response to question on the possibility of increasing the fuel prices, Khalil said: “The issue of gasoline fees has not been discussed at all, and all the rumors about the increases are baseless rumors, the same is related to what has been said about the increase in value added tax."

SourceNaharnet
Comments 1
Thumb whyaskwhy 26 April 2019, 18:06

In the long run, the debt will damage the economy because of higher interest rates. Other issues occur if the quisling government lets the value of the Lira fall. One effect is that the debt repayment will be in the higher conversion from the ailing Lira to dollars. As this happens, foreign governments and investors become less willing to invest in Lebanon or its financial institutions, which forces interest rates even higher. I like most would love to see the Lira stay where its at however the Iranian and Syrian program will see to it that our economy and people experience poverty soon, that is what keeps them in control.