Hasbani sounds alarm on ramifications of recession

Vice Prime Minister, Public Health Minister Ghassan Hasbani, on Tuesday sounded the alarm on the grave ramifications of the recession that is currently being witnessed nationwide.

"A lot of efforts still needed to be exerted in a bid to improve the economic and societal situation in Lebanon," he said in an interview with Arab Economic News (AEN).

Moreover, the Minister echoed dissatisfaction at the way the government was handling the nation's economic affairs.

"The economic debate had begun earlier, but it seems that there had been some priorities ahead of the economic file that have taken a lot of attention at the expense of the national economy," the Minister said.

Touching on the wage and tax hikes, Hasbani said, "We originally had a different vision which confirmed the inclusivity and clarity of the state budget in terms of expenditures and revenues, in correlation with the basket of reform." He added that decisions were set on amending articles 17 and 11 of the tax bill to be later referred to the House of Parliament for a decision this week.

He went on to explain that the public deficit was mainly due to the high debt figures.

"The budget will record an initial surplus this year and not an initial deficit, but we have been forced to provide new resources and incomes to reduce the deficit and cover public expenditures," he explained.

"We are working to address the causes of the economic crisis. This is a better option than having to deal with the results after burdening the treasury with huge costs," the Minister added.

Hasbani also stressed commitment to the logic of institutions, "which touts the success of any tender, especially in terms of sound competition and appropriate prices."

Touching on the US sanctions on Hezbollah, Hasbani said: "The issue had been raised at the Council of Ministers within the framework of Lebanon's official position on the mitigation of decisions it cannot control."

Consequently, the Minister listed the official efforts that had been made in this regard through successive visits to the US by the Prime Minister, the ministerial and parliamentary delegations, and the Governor of the Lebanese Central Bank.

"This has contributed to easing the sanctions and encircling their damage to banks

Source: NNA