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FINANCIAL NEWS
Lebanon’s budget deficit up to 35.51% in Q1
05 Jun 2011
(MENAFN) Lebanon’s Finance Minister, Raya Al Hasan, stated that the country’s budget deficit rose to 35.51 percent of spending which stood at more than USD666 million in 2011’s Q1 caused by decreasing tax revenues, reported The Daily Star.
Al Hasan also said that last year’s Q1 deficit was much less compared to this year as it stood at 19.45 percent. She pointed out Lebanon’s primary surplus decreased by USD656 million, excluding debt servicing costs.
The Minister added that the country’s public debt was over USD52 billion in the quarter, and warned that it may climb another 1.5 billion if no reforms would be applied soon.
It is worth noting that Al Hasan blamed the increasing deficit on the refusal of Telecom Minister Charbel Nahas of adding transferring telecom revenues to the treasury.
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