A report issued by the Audi Lebanese Bank showed significant deterioration in the financial situation during the first quarter of 2020. According to the report, in light of the economic recession and amid the pandemic of the Coronavirus, which reached Lebanon, the first quarter of 2020, precisely by the end of February has witnessed a net decline in Lebanese public finances.
According to the latest figures issued by the Lebanese Ministry of Finance, the public finance deficit increased by 70.9% compared to the same period of last year. This came due to the large decrease in public revenues by 13.6%, in conjunction with a growth in annual public expenditures of 9.5% during the first quarter of 2020. The initial balance of payments, from a surplus of $30 million to a deficit of $676 million between the two periods.
Public revenues decreased from $2.6 billion during the first quarter of 2019 to $2.2 billion during the first quarter of 2020, while public expenditures grew from $3.5 billion to $3.9 billion. Accordingly, the fiscal deficit increased significantly from $969 million during the first quarter of 2019 to $1.655 million during the same period in 2020.
Source (Economic Bulletin Website, Edited)
