Michel Aoun, the Lebanese President stated that the financial situation is improving in the country. His words came about a week after the formation of a new government that pledged to embark on much-needed reforms to put the country's finances on a sustainable path.
"The crisis is behind us, the financial situation is improving, and the benefits are expected to start falling soon," Aoun said.
For his part, Ali Hassan Khalil, the Lebanese Finance Minister, said after meeting with an official at the World Bank, that "there is a need to give priority to reform the electricity sector and reduce the budget deficit and increase revenues," pointing out that "the ministry is ready to discuss the budget of 2019 whose figures and details are still under review”.
Moody's Agenct downgraded Lebanon's credit rating to CAA1 and adjusted its outlook to a “stable” one instead of “negative”.
Source: (Al-Arabiya.net, Edited)
