Lebanese budget deficit 37% in 1998

Lebanese Minister of State for Financial Affairs Fouad Al Sanyoura told Al Hayat newspaper that Lebanese aggregate revenues which had been ratified by the Lebanese parliament reached $3.03 billion while the aggregate expenditures reached $4.8 billion, making the budget deficit estimates for 1998 was at 37%.

Regarding issuing treasury bonds worth of $2 billion after the government got an authorization from the Lebanese parliament, Al Sanyoura said the parliament authorized the government to issue those bonds in foreign currency as this will be in the interest of Lebanon.

Al Sanyoura said the government can reschedule the debts in order to achieve two points; extending the payment of the public debts which is going to be paid in the Lebanese currency on short terms between 2 to three years; and that this is going to reduce the debts services which will help the private sector to achieve better results.