Ministry of Finance data released this week provided a positive picture of Lebanon’s efforts to cut its deficit in order to entice foreign investment and unlock the $12.5bn pledged at the Cedre conference last year (MEES, 27 April 2018) . Through the first four months of the year, Lebanon has managed to reduce its year-on-year deficit by 28% to $1.25bn – entirely due to spending cuts as part of ongoing austerity measures.
Lebanon also (finally) passed its 2019 budget this week which is key to building confidence in the country’s ability to govern. The budget aims to bring the deficit down to 7% of GDP which Beirut’s political establishment says will foster the international confidence to rebuild the economy (MEES, 28 June). (CONTINUED - 117 WORDS)