The Lebanese government has officially approved the budget for 2019 and has included significant spending cuts to reduce the projected deficit to 7.6% of GDP in an effort to avert a financial crisis.
Ali Hassan Khalil, the Lebanese Minister of Finance said during a press conference that "the budget also reflects the real will of the government as it is on the corrective path of the financial situation," pointing out that "the government expects a growth rate of 1.2% this year," adding that "the foreign countries welcomed the budget".
International donors made pledges to Lebanon at the Paris conference of donors last year to reach $11 billion to spend on infrastructure projects in return for radical reforms.
"Lebanon now expects new investment projects to start, and the efforts of the Ministry of Finance to keep the deficit within the budget projections will be serious, which will lead to the launch of new investment projects that will have a significant impact on moving forward the economy," Khalil said.
He also stressed that "the government has taken steps to reduce the huge trade deficit, which is pressing on the subject of reserve in foreign currencies."
Source: (Al-Arabiya.net, Edited)
