Lebanese Prime Minister Saad al-Hariri said his government would aim to cut the ...
BEIRUT - Lebanese Prime Minister Saad al-Hariri said his government would aim to cut the budget deficit to 7% of GDP next year as part of reforms to bring public finances under control and rein in public debt.
Lebanon faces another credit rating downgrade and a potential test of its currency peg if the depletion of its limited foreign exchange reserves accelerates, S&P Global warned on Wednesday. On Monday, Lebanon declared a “state of economic emergency”, with Hariri saying the government would take emergency measures to speed up economic reforms to help overcome a worsening crisis.
“So what we are doing is, fixing our debt to GDP, our deficit and the budget to 7.6% this year, we want to go down to 7% next year, or maybe a little bit less,” he said in the interview aired on Wednesday. The Lebanese pound has been pegged against the U.S. dollar at its current level for more than two decades and is seen as a cornerstone of the country’s financial stability.
Hariri said divergent views on exchange rate policy was the only difference the government had with the IMF. The government had been in consultations with the IMF over tackling the country’s economic and fiscal woes.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lebanon PM targets deficit of 7% of GDP next year - CNBCLebanese Prime Minister Saad al-Hariri said his government would aim to cut the ...
Read more »
We don't trust PM Johnson on October 15 election date: UK opposition Brexit spokesmanBritain's main opposition Labour Party does not trust Prime Minister Boris ...
Read more »
Opponents of 'no-deal' Brexit defeat PM Johnson, who promises an electionBritish lawmakers defeated Boris Johnson in parliament in a bid to prevent him taking Britain out of the EU without a divorce agreement. More here:
Read more »
Georgian PM Bakhtadze steps down, warns against political divisionsGeorgia's PM Mamuka Bakhtadze steps down and warns his nation against political divisions that could play into the hands of Russia
Read more »
UK PM Johnson will not change any new election date: spokesmanPrime Minister Boris Johnson would hold any new election before a summit of EU l...
Read more »