Facing mounting pressures from the current unsustainable debt, international interference as well as weak economic growth, the Lebanese cabinet is discussing a draft austerity budget with hopes of endorsing it quickly and sending it to the parliament for final ratification. This year’s urgency comes from the increasing deficits that threaten the county’s financial system and the urge to unlock $11 billion in soft loans and grants pledged by the international community at CEDRE conference. In fact, the new budget seeks to lower Lebanon’s fiscal deficit to GDP from an estimated 11% in 2018 to 8% in 2019.
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