Aoun Says Austerity Measures are 'Hard' but Will Pay Off

إقرأ هذا الخبر بالعربية W460

President Michel Aoun on Tuesday said the austere budget measures planned by the government will “pay off” in the end and will help Lebanon overcome the economic “crisis.”

“We inherited a debt of over $80 billion and a deteriorating economic situation. What we are doing is necessary to get out of the crisis and the Lebanese will sense how everything is going to improve later on,” said Aoun during a meeting with a delegation of the Syndicate of Opticians in Lebanon.

Lebanon has vowed to slash public spending to unlock $11 billion worth of aid pledged by international donors during an April 2018 conference in Paris.

Last month, Prime Minister Saad Hariri vowed to introduce "the most austere budget in Lebanon's history" to combat the country's bulging fiscal deficit, sparking fears among public sector employees that their salaries may be cut.

Lebanon is one of the world's most indebted countries, with public debt estimated at 141 percent of GDP in 2018, according to credit ratings agency Moody's.

SourceNaharnet
Comments 3
Thumb marcus 21 May 2019, 14:03

“We inherited a debt of over $80 billion and a deteriorating economic situation."

Yeah, he was just born yesterday and his FPM party was formed this morning.

Thumb s.o.s 21 May 2019, 14:31

demagoguery and lies Aoun style! When he arrived after Hariri was murdered by his buddies Assad and Nasrallah, the debt was only 35 billion dollars because of the post civil war reconstruction. they'll soon total 100 billions after 14 years of FPM active participation in the looting of the country.

When he says it'll pay off, I believe him, yes I know his bank accounts and his entire family's estates will indeed expand exponentially.

Thumb justin 21 May 2019, 17:16

and what austerity measures are affecting the presidency, his luxurious lifestyle and that of his family?