World Bank official: Lebanon passing 2019 Budget is a good first step

The regional director for World Bank Middle East Department Saroj Kumar said on Sunday that “Lebanon has passed a Budget that “aims at achieving significant financial cuts in deficit and spending, and engaging in a full national dialogue between the government and the parliament.”

He also dubbed the passing of the state’s budget as a “good first step," adding that "the vast and unique discussions in the region are welcomed.

Lebanon's parliament passed a 2019 state budget on Friday, as the government seeks to bring the public debt under control.

 

The budget is seen as a critical test of Lebanon's ability to address years of economic mismanagement and corruption that have led it to build up one of the world's heaviest public debt burdens, equivalent to about 150% of GDP.