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FinancialNews


  • 20-07-19

    USD600m decline in Lebanese fiscal deficit

    (MENAFN) Lebanon achieved a 27.89 percent, or USD600 million, decline in its fiscal deficit from January to April this year.

    According to the Lebanese Finance Ministry, the fiscal deficit reduction is attributed to 15.45 percent cuts in spending and 9.2 percent slashes in revenues.

    Spending reduction is driven by a move the Finance Ministry made to restrict ministries' expenditures to wages of employees as well as other basic needs, stated Byblos Bank head of the economic research department Nassib Ghobril.

    Revenues were also explained to have decreased as a result of a drop in customs by 6.3 percent, a 14 percent fall in Value Added Tax, and a plunge by 16.7 percent in telecom revenues.

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