FINANCIAL NEWS

Lebanon’s amended budget puts 2013 spending at USD14.1b

11 Mar 2013

(MENAFN) Lebanese Finance Minister, Mohammad Safadi, submitted a revised budget that puts the country’s public expenditure for the current year at USD14.1 billion, reported Arabian Business.

The amended budget that was presented to the parliament lowers spending by USD1.33 billion from 2012’s proposed draft.

Furthermore, the new budget puts Lebanon’s fiscal deficit at USD3.5 billion, which is nearly 8 percent of gross domestic product (GDP).

The country’s debt is one of the highest in the world, at nearly USD56 billion, representing 135 percent of GDP.

It is worth noting that that International Monetary Fund (IMF) expects Lebanon’s economy to expand almost 2.5 percent in 2013, compared with 2 percent in 2012.

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