Lebanon's PM Responds to Approved Budget

The Lebanese Prime Minister Najib Mikati responded to the latest approved budget for the state, describing it as the best to be presented currently, local reports indicated on Tuesday.

He added that the budget would help the country to keep its financial responsibilities balanced, and it was carefully studied.

Mikati asserted that the terms of the budget were discussed through eight parliamentary sessions, and all figures and indicators were put into consideration.

It is worthy to mention that the government approved last Thursday the draft of the 2022 budget, with a 17% deficit.

Mikati described that the budget could be the earliest step in the series of economic reforms after the worsening status of living conditions in Lebanon.

47 trillion Lebanese Liras were dedicated for projects funding. On the other hand, the revenues of the state reached 39 trillion Liras.

Lebanon’s draft 2022 budget includes an advance to the state-owned electricity company up to a maximum of 5.25 trillion Liras, according to Reuters.

The advance that EDL will use to pay off the deficit in the purchase of fuel, interest, and loan installments.

Meantime, the Arab country can now only provide electricity for a few hours a day at best estimates.

Lebanon is drowning in a financial crisis that has left the country struggling to find enough foreign exchange to pay for fuel for electricity generation.