PM Hariri agrees reform package in bid to resolve economic crisis -official sources tell Reuters

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2019-10-20 | 13:56
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PM Hariri agrees reform package in bid to resolve economic crisis -official sources tell Reuters
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PM Hariri agrees reform package in bid to resolve economic crisis -official sources tell Reuters

Lebanon's Prime Minister Saad Hariri has agreed a package of reforms with government partners to ease an economic crisis that has sparked nationwide protests, official sources told Reuters, with a cabinet meeting expected on Monday to approve them.

 

The decisions call for a 50% reduction in the salaries of current and former officials and $3.3 billion in contributions from banks to achieve a "near zero deficit" for the 2020 budget.

 

It also includes a plan to privatize its telecommunications sector and an overhaul to its crippled electricity sector, a crucial demand among potential foreign donors and investors needed to unlock some $11 billion in funds to Lebanon.

 

The sources said the budget would not include any additional taxes or fees amid widespread unrest that were triggered in part by a decision last week to put a levy on WhatsApp calls.

 

The reforms also called for establishing new regulatory and transparency bodies within a "short period" of time to oversee reform plans. Central to protester demands is an end to what they say is rampant corruption destroying the economy.

 
 
 
REUTERS

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