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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Lebanese Finance Minister: budget deficit will be less than 9%

    Rocky
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    • Post n°1

    Finance - Lebanese Finance Minister: budget deficit will be less than 9% Empty Lebanese Finance Minister: budget deficit will be less than 9%

    Post by Rocky Sun 19 May 2019, 2:40 am

     Lebanese Finance Minister: budget deficit will be less than 9%

    Finance - Lebanese Finance Minister: budget deficit will be less than 9% 15217


    Lebanese Finance Minister Ali Hassan Khalil said the draft budget for 2019 would record a deficit of less than 9 percent of gross domestic product (GDP), which could be less than 8.5 percent, the Lebanese television station LBC reported.
    The minister made the remarks during a discussion with reporters. Last year's budget deficit was 11.2 percent of GDP.
    Lebanon is burdened with one of the largest public debt burdens in the world, accounting for 150 percent of GDP.
    Khalil said on his Twitter account that the draft includes the provision of about one trillion pounds ($ 663 million) of debt service costs, but did not provide details.
    Reuters quoted Khalil as saying that the government plans to reduce debt service costs by issuing a one-percent treasury bonds.
    "It will be done through coordination between the central bank and the banks after the adoption of the budget for the issuance of treasury bills in the Lebanese currency up to 11 thousand billion and 1 percent interest," the minister told Reuters.
    Khalil told Reuters in an interview in April that the budget deficit was expected to fall below 9 percent.
    "The debate has to end tomorrow with a ban on chaos and rumors," the minister said on Saturday, apparently referring to conflicting data and reports on proposed budget cuts that sparked protests and strikes.
    Lebanese Prime Minister Saad Hariri said in early May that Lebanon was far from bankrupt, but the failure to ratify a "realistic" budget to reduce the public deficit would be a "suicide attack" against the economy.

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