LBCI

Safadi to LBC: We are committed to guaranteeing amounts on time

08-09-2011 | 13:59

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Safadi to LBC: We are committed to guaranteeing amounts on time

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Finance Minister Mohammad Safadi told LBC TV station that the government is committed to the electricity plan.

“The cabinet’s decision to allocate funds in four installments will give us plenty of time to act”, Safadi said, highlighting the Finance Ministry’s commitment to mobilize the required financial resources on time.

Safadi explained how the ministry plans to pay the first due amount of 414 billion LBP without burdening the treasury or increasing public deficit.

“If adopted, a draft law submitted to the Parliament, will add 8.9 billion LBP to the 2005 budget (which has not yet been passed and is currently set at 10 trillion LBP)”, Safadi said.

Safadi stressed that the cabinet will try to get funding for the last three stages (2012-2014), making clear that this funding proposal may falter in 2012.

“In case foreign funds do not materialize in any given stage, the cost of that stage will be covered by public funds”, Safadi added, “The project will not fail since the treasury will guarantee any required amount in the absence of foreign funding.”

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