Lebanon’s PM Announces State Of Economic Emergency

BEIRUT, Lebanon, Lebanese Prime Minister, Saad Hariri, announced a state of economic emergency in Lebanon, local media reported.

We have six months for us to work properly, on all the needed reforms, to avoid reaching economic deterioration, Hariri was quoted as saying.

Hariri’s remarks came, following an urgent economic meeting, held at Baabda Palace, headed by Lebanese President, Michel Aoun, and chaired by Hariri, in the presence of representatives from different political parties and prominent economic figures.

Hariri said, the economic situation is difficult and several steps must be taken, including reduction in electricity deficit to 1.5 billion U.S. dollars, in addition to halting employment in the public sector and approving CEDRE projects.

Meanwhile, Aoun called upon all political parties to leave their political bickering aside, while taking measures that would lead to economic and social stability.

The president also called for the implementation of 2019 state budget and the preparation of 2020 budget, by adopting necessary measures to reduce public debt.

Source: Nam News Network