Lebanese Finance Minister expects Lebanon's budget deficit to reach 2019 for 8.3% or less

Economy and stock exchange

Lebanese Finance Minister Ali Hassan Khalil said the cabinet made "significant" progress on Sunday in its discussions on the draft budget for 2019, as the deficit will be 8.3 percent of GDP, or less the budget deficit last year was 11.2 percent of GDP.

Khalil said on Twitter that the ministers would meet on Monday to conduct a final review of the draft budget. "We discussed the last possible material and figures," Khalil said on Twitter.

"We have reached an encouraging and important result, with some additional decisions, we have reached this deficit," he told reporters at the end of a cabinet meeting late on Sunday.

Khelil said on Saturday that the deficit would be less than 90 percent of GDP, and that the draft includes the provision of about one trillion lira ($ 663 million) in debt service costs.

He told Reuters the government planned to reduce debt service costs by issuing 1 percent treasury bonds and Lebanon was saddled with one of the world's largest public debt burdens at 150 percent of GDP.

The Lebanese government meets almost daily to finalize a budget aimed at rationalizing spending and curbing religion. President Michel Aoun urged the Lebanese to sacrifice to save the country from a financial crisis.

Related topics

(t) Finance Minister (t) Lebanese Finance Minister (t) Budget Deficit (t) Draft Budget (t) Economy