Wednesday 20, June 2018 by Kudakwashe

Lebanon's finance minister concerned over slow formation of government

 

The dire economic situation and unsustainable public debt levels are top priorities for the next government

  

The Lebanese finance minister said the political leaders are not forming a new government fast enough and there is no serious headway made on the matter.

Foreign donors said Lebanon, which held a parliamentary election on 6 May, needs to establish a government quickly to maintain confidence in the country and get to work on reforms to help an ailing economy.

Ali Hassan Khalil, Lebanon’s Finance Minister, said it is important for political forces to be aware that time is not on our or anyone's side, therefore we urgently need to accelerate the formation of a new government, reported Reuters.

“As finance minister I repeat my warning and stress the need to speed it up so that the new government can get to work on the source of the problems and work on fixing them," added Khalil.

Following May's election, Lebanon is being run by a caretaker government.

Lebanon is the world's third-most indebted nation with a debt-to-GDP ratio of more than 150 per cent.

The International Monetary Fund said Lebanon's debt trajectory is unsustainable and needs immediate action, otherwise debt-to-GDP could hit 180 per cent by 2023, reported Reuters.

 

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