General Budget: A Reformation Law Pursued by the International Monetary Fund

Lebanon Economy
05-07-2023 | 09:07
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General Budget: A Reformation Law Pursued by the International Monetary Fund
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General Budget: A Reformation Law Pursued by the International Monetary Fund

The general budget is one of the reformative laws strongly advocated by the International Monetary Fund (IMF).
The Ministry of Finance drafted it initially and underwent a series of discussions during meetings held at the government's Grand Serail, with the latest meeting taking place on Wednesday.
During this meeting, final observations were made on the draft, and the Caretaker Minister of Finance was requested to consider them before submitting the final version of the budget to the Cabinet Presidency.
The required amendments include specific tax rates, adjustments to high expenditures and loans characterized as substantial by concerned sources, and stricter enforcement of certain revenues, mainly targeting tax evasion and customs revenue.
With the increase in customs duties, alongside value-added tax (VAT), they have become a significant lever for treasury revenues, especially after the income tax on bank deposits was waived due to the crisis.
The telecom sector has suffered significant losses, and the real estate sales sector has been paralyzed, leading to a decline in revenues from property registration due to the financial crisis and the disruption of operations of state services.
Therefore, it is expected that the Ministry of Finance will submit the final draft of the 2023 budget project to the Cabinet Presidency early next week.
Although the budget meets one of the conditions set by the IMF, it still faces a considerable deficit that is challenging to reduce, not only for the year 2023 but also for the coming years.
Despite efforts to control expenditures and improve treasury revenues, the budget remains in a significant deficit that is difficult to narrow down, affecting not only the year 2023 but also the years to come.

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