Fri. Mar 29th, 2024

Lebanon’s finance minister Ali Hassan Khalil has on Sunday said, the heavily debt-ridden country is facing the biggest issue of economic crisis and also warned that it might face severe financial crisis, as still the politicians are struggling to form a fresh government.

Since the parliamentary election held eight months ago in Lebanon, the country’s Prime Minister Saad al-Hariri has not been able to bring country’s rival parties together for a national unity government that can deliver the fiscal reform.

According to news reports, Ali Hassan Khalil on Saturday, said: “The repercussions and consequences of the economic crisis today are at their highest. The crisis started to turn into a financial one.”

Khalil further said, “We hope it will not become a monetary crisis.”

Lebanon, world’s third-highest ratio of debt to the GDP, the country has suffered years of weak economic status and growth, and was also asked by the International Monetary Fund (IMF) in 2018, to carry out the “urgent” measures” regarding to stabilize the public finances back.

According to reports, after looking close to a resolution, the efforts made to finalize the Lebanon government hit a new complication. The country’s party are fighting over each faction will receive how many seats in the cabinet and the distribution of main portfolios.

The banking system is the focal point of its economy and also holds much of government’s debt.

Leave a Reply

Your email address will not be published. Required fields are marked *