Safadi explains to LBCI the $11 billion issue

Finance Minister Mohammad Safadi explained to LBCI the issue of the $11 billion, and the whole hubbub surrounding it. He clarified that the governments he participated in did not have the chance to follow the proper legal procedure, i.e. ask the Parliament for additional credits on the 2005 budget. He stressed that it is necessary to rectify this trend by restoring the Parliament’s prerogative to legitimize this additional spending.        

Safadi explained that the Ministry of Finance possesses unaudited documents on the $11 billion, submitted by the ministry to the committee that will be headed by House Speaker Nabih Berri who is assigned with this issue. He stressed that the 2012 budget cannot be issued without the legitimization of the additional $11 billion.       

Answering a question on whether the legitimization of the $11 billion is considered a clearance for a certain political group, Safadi said that the $11 billion issue differs from the $8.9 trillion LBP, adding that the clearance is given when the Audit Bureau checks the accounts and gives clearance for all.