Economic bodies sound the alarm

The economic bodies blamed the cabinet for the "historical" decision of endorsing an "unstudied" draft law concerning the rank and salaries scales. The bodies described the law's consequences as "catastrophic" and "unfortunate", adding that "such a law will have unprecedented implications on the economic, social, and monetary situation in Lebanon".

The bodies held an urgent meeting to follow up the ranks and salaries scale's case and issued a statement in which they criticized the submission of the cabinet to the pressures exerted by the Trade Union Coordinating Body.

The bodies also wondered about the cabinet's sources to finance this scale that allowed a raise for the current and former ministers and deputies, stressing that any tax increase, especially on the banking sector, will hinder economic growth.

The statement sounded the alarm and revealed that the bodies' representatives will be visiting the 3 top officials to inform them about the gravity of applying this law.

The bodies concluded by announcing that that their meetings will remain open until further notice.