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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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    Lebanon's Prime Minister: The 2019 budget is the beginning of a long road to economic security

    Rocky
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    Lebanon's Prime Minister: The 2019 budget is the beginning of a long road to economic security Empty Lebanon's Prime Minister: The 2019 budget is the beginning of a long road to economic security

    Post by Rocky Sun 26 May 2019, 6:59 am

     Lebanon's Prime Minister: The 2019 budget is the beginning of a long road to economic security

    Lebanon's Prime Minister: The 2019 budget is the beginning of a long road to economic security 15387


    Lebanese Prime Minister Saad Hariri said the 2019 budget is the beginning of a "long road" and shows that Lebanon is ready to tackle waste in the public sector.
    Hariri's comments came after his government finished protracted negotiations on a budget plan approved by the government on Friday, reducing the deficit to 7.5 percent of GDP from 11.5 percent in 2018. The budget is seen as a vital test of the government's plan to launch reforms postponed for years in a country Suffers from corruption and waste.
    "The budget for 2019 is not the end," Hariri told a Ramadan breakfast on Saturday, "the beginning of a long road that we have decided to take until the Lebanese economy reaches safety."
    The large public sector in Lebanon is the largest item of government spending, followed by a public debt service equivalent to about 150 percent of GDP, one of the largest public debt burdens in the world.
    The government, which includes almost all major political parties in Lebanon, met 19 times to approve the 2019 budget. But Hariri said the 2020 budget "will not take this time because we know what we want to do."
    "The 2019 budget is almost the beginning of a path to complete what we are going to do in 2020, 2021, 2022 and 2023," he said, according to the text of his office's comments.
    The cabinet will hold a final meeting on Monday to crown the process at the presidential palace, before the draft budget is passed to parliament for approval.
    The budget could help release about $ 11 billion in infrastructure projects pledged at the Paris donor conference last year if approved by donor states and institutions.
    Hariri said the budget was "a message in all directions, primarily for the Lebanese, the economic sectors and the financial markets, and a message to friends in the international community that the Lebanese government is determined to address the weaknesses, imbalances and waste in the public sector."
    One of the measures to curb the public sector wage bill is to freeze all types of government employment for three years and set a ceiling for bonuses. A pension will also be levied on public sector pensions.
    A large part of the deficit reduction stems from tax increases, including a 2 percent import tax and a higher tax on interest payments.
    The government also plans to cut about $ 660 million from the debt service bill by issuing treasury bonds with a 1 percent return to the Lebanese banking sector.
    Fears that the budget would include cuts in state salaries, pensions or benefits have led to strikes and protests by public sector workers and retired military personnel over weeks.

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