Berri Working on 'Ideas' to Address Economic Crisis

Speaker Nabih Berri said on Thursday he is going to suggest several ideas at the economic meeting at Baabda that could resolve Lebanon’s economic crisis, al-Joumhouria daily reported.

“I will put forward a number of ideas during the (economic) meeting which would put the difficult economic crisis on the way to a solution,” said Berri to the newspaper.

“We have to reach decisive results that enable us to move immediately to rescue measures with substantial steps, qualitative measures and decisions that constitute a direct declaration of an economic emergency to move the country to safety,” added the Speaker.

“The meeting can come up with two main points: the first, to complete the 2020 state budget within a low budget and on the constitutional date. Second, to address the electricity crisis which accounts for one third of the public deficit, while also emphasizing the implementation of all stalled laws,” added Berri.

Lebanese officials are expected to hold an expanded economic meeting at Baabda Palace on Monday to discuss ways to contain the repercussions after the credit ratings downgrade by international agencies.

The dialogue session will be attended by senior political figures representing various parliamentary blocs to discuss the economic situation and take “painful” measures if necessary to put the economic situation on track.

On Friday, international rating agencies FitchRatings bumped Lebanon down to "CCC" while Standard & Poor's kept it at "B-/B" with a negative outlook.