BREAKING NEWS

Lebanon's PM vows push to finish 2018 budget

By REUTERS

FEBRUARY 26, 2018 21:05

BEIRUT - Lebanon's Prime Minister Saad al-Hariri vowed on Monday to hold intensive meetings to complete the 2018 budget in line with a March 5 deadline set by the parliament speaker.

The finance minister has said Lebanon will not be able to ask international donors for support at forthcoming conferences unless it first passes the 2018 budget to show backers that Beirut is serious about reforming the heavily indebted state.

"The country needs reforms, the budgets of ministries should be reduced and we have to send real positive signs to the states participating in the forthcoming international conferences," Hariri said in a statement from his press office on Monday.

Lebanon hopes to win billions of dollars of international investment at a Paris conference due to take place on April 6. It is seeking funding for a 10-year $16 billion capital investment program aimed at lifting economic growth.

Lebanon's public debt was estimated above 150 percent of GDP at the end of 2017, and is expected to rise rapidly with a budget deficit above 10 percent over the forecast horizon, the International Monetary Fund said this month.

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