French Embassy Welcomes Cabinet's Approval of Budget
The French embassy in Lebanon has welcomed the Lebanese Cabinet's approval of the draft 2019 state budget, describing it as “a positive indication that Lebanon is abiding by the pledges it committed itself to during the CEDRE conference.”
“The budget will not become final before its endorsement by Parliament. We hope this endorsement will happen as soon as possible,” the embassy said in a statement.
Stressing that France will always support Lebanon, the embassy added that it is “fully taking part in the implementation of the resolutions of the CEDRE conference, which will allow Lebanon to put into action the necessary reforms so that it faces the challenges of the future, especially in terms of governance.”
“The effective implementation of the CEDRE conference requires devising a firm and transparent mechanism which we hope will be put into practice soon,” the embassy added.
The Cabinet 19 sessions to finalize the budget after Lebanon vowed to slash public spending to unlock $11 billion worth of aid pledged by international donors during an April 2018 conference in Paris.
Last month, Prime Minister Saad Hariri vowed to introduce "the most austere budget in Lebanon's history" to combat the country's bulging fiscal deficit.
Lebanon is one of the world's most indebted countries, with public debt estimated at 141 percent of GDP in 2018, according to credit ratings agency Moody's.
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