Nicholas Nahhas: We are not in the midst of an economic crisis

Minister of Economy Nicholas Nahhas confirmed on Wednesday that the country is not facing an economic crisis, and that work continues for further economic growth. “The budget must reach cabinet to signal that the government is in the midst of closing up the thorny issue”, he stressed.                    

Nahhas went on to reveal that for the first time, the budget has exclusive clauses pertaining to extraordinary expenditures aimed at improving the economy.                

In a talk with Voice of Lebanon – “Freedom and Dignity” Radio, Nahhas said that he suggested that the deficit remain under a certain margin, and that the issue of fiscal squandering and increasing imports be resolved.

He added that if the deficit were to somewhat be brought closer to an acceptable margin, that it not be done on the expense of raising taxes.               

In his concluding remarks Nahhas said that the government has assigned a counseling team to develop a sufficient contract for power generating vessels, stating that it has reached a positive result with the latter, and that the barges should arrive soon to Lebanon.