Lebanon eyes austerity package to slash deficit | 2019-04-19 | daily-sun.com

Lebanon eyes austerity package to slash deficit

19 April, 2019 12:00 AM printer

BEIRUT: Lebanon is set to impose austerity measures to combat its bulging fiscal deficit, Prime Minister Saad Hariri said Wednesday, warning of an economic “catastrophe” if public spending keeps rising.

“As a government, we are required to issue the most austere budget in Lebanon’s history because our financial position doesn’t allow us to increase spending,” Hariri told reporters after a session of parliament, reports AFP.

“If we continue like this we will reach a catastrophe,” he said, one-year after his government committed to slashing public spending in order to unlock billions in aid pledged by international donors.

Hariri did not specify what measures his government was mulling but hinted the package may include wage cuts for soldiers.