The Lebanese President Michel Aoun stressed that the banking sector is one of the strongest and most successful sectors in Lebanon, revealing a package of reforms aimed at developing the economy and boosting investment in the 2020 budget project.
On his part, Ali Hassan Khalil, the Lebanese Finance Minister revealed that Lebanon's draft budget for 2020, which was submitted to the government for the start of its discussion, includes expectations of a deficit lower than the expected budget deficit in 2019.
"Regardless of the high cost of debt servicing, the government managed to maintain a low deficit relative to GDP, although an increase in public debt and growth slowed to zero," he said.
Lebanon is under pressure to approve the state budget for 2020 this year to boost the confidence of international investors and donors, who last year pledged $11 billion to finance infrastructure projects provided fiscal and other reforms are implemented.
With one of the highest levels of public debt in the world, low growth and poor infrastructure, Lebanon's economy is struggling as Lebanese authorities seek reforms to avert an economic crisis.
Source (CNBC Arabic Website, Edited)
