Govt. Holds Budget Session in Baabda, to Meet Wednesday at Grand Serail

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Lebanon’s Cabinet convened Tuesday at the Presidential Palace in Baabda in a session dedicated to discuss the 2019 state budget draft, amid plans to implement strict austerity measures to reduce a ballooning budget deficit and massive national debt.

LBCI said President Michel Aoun had discussed key economic issues with economists and prepared a paper in that regard.

Some economists say the economic crisis is getting worse every week with new waves of layoffs, rising debt and slow growth.

Before the meeting, hundreds of military and security retirees protested fearing the austerity measures to be adopted in the new budget would lead to wage cuts for state employees amid the economic crisis.

The campaigners blocked entrances to the Beirut Port, the Central Bank of Lebanon and the Ministry of Finance.

The government is weighing a series of what it called "painful" and "unpopular" measures 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.

Speaking after the session, Finance Minister Ali Hassan Khalil said "discussions tackled all issues pertaining to the state budget."

"We moved from general debate to detailed discussions, which will begin tomorrow at the Grand Serail, and meetings will continue until the finalization of the budget," Khalil added.

Aoun announced during the session that "a reevaluation of the structure of administrations and institutions has become necessary in order to follow the technological and IT advancement."

He also called for speeding up the digitization of state administrations.

SourceNaharnet
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