Arab Today, arab today lebanon risks a return to spending crisis
Last Updated : GMT 13:19:20
Arab Today, arab today
Arab Today, arab today

Lebanon risks a return to spending crisis

Arab Today, arab today

Arab Today, arab today Lebanon risks a return to spending crisis

Beirut - Arabstoday

The Parliament’s Finance and Budget Committee failed Monday to endorse a draft law to legalize over LL11.5 trillion ($7.6 billion) of extra-budgetary public spending for 2012, risking a return to spending crisis. MPs from the March 14 coalition rejected amendments introduced by the Cabinet to the draft, arguing that the measures should be a part of the 2012 budget. Meanwhile, MPs from the March 8 alliance argued that the draft law and the budget serve the same purpose. The Cabinet is set to discuss the 2012 state budget at its next session scheduled for Wednesday. The Cabinet approved the extra-budgetary spending draft law in its last session after realizing that Finance Minister Mohammad Safadi’s 2012 draft budget may not pass due to the higher taxes called for in the bill. President Michel Sleiman, according to sources, has apparently promised the ministers to sign into law the overspending bill if the proposal fails to win approval in Parliament. March 14 has insisted on authorizing the LL11.5 trillion in extra-budgetary spending for the current Cabinet while simultaneously granting approval to $11 billion spent by previous governments. However, March 8 MPs have rejected this demand, claiming that the $11 billion spent during the era of former prime ministers Fouad Siniora and Saad Hariri was spent against the law and without meeting the criteria set by the Bureau of Accounting. March 14 has agreed to drop their demand to link both spending bills on condition that the Cabinet allocate additional funds only for three to four months instead of the end of 2012. MP Ibrahim Kanaan, who heads the committee, said the two sides could not reach an agreement despite having previously agreed on adjustments requested by the government. The Cabinet had initially overcome earlier this month a spending crisis that paralyzed its work for months by approving advanced payments and treasury loans worth over LL10 trillion. It later increased the sum to LL11.5 trillion ($7.6 billion) to cover additional spending, including a by-election in Lebanon’s northern district of Koura. March 14 MPs said that former premiers Siniora and Hariri were compelled to exceed the 2005 budget ceiling to allocate funds for electricity and other infrastructure projects. They also reject accusations that the former Cabinets violated accounting laws, adding that the Bureau of Accounting did not have the manpower to audit all the accounts in a short period of time. Analysts say that Prime Minister Najib Mikati wants to ensure his Cabinet will not fail to meet the aspirations of the people because any failure could provide the opposition with sufficient ammunition to discredit the government before the 2013 elections. Businessmen and investors seem receptive to the idea of passing the LL11.5 trillion extra-budgetary spending bill because the move would inject more cash into the market. From TheDailyStar

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lebanon risks a return to spending crisis Arab Today, arab today lebanon risks a return to spending crisis

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lebanon risks a return to spending crisis Arab Today, arab today lebanon risks a return to spending crisis

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday