Ya Libnan

Lebanon’s budget deficit jumped 67 % in 2012

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mikati promises and excusesLebanon’s budget deficit jumped 67 percent in 2012 to $3.93 billion, the Ministry of Finance said on Monday, after a year of slowing growth due to the Syrian civil war and domestic political instability.

Last year Lebanon also logged its first primary deficit, in which government finances are in deficit before debts are paid, since 2006, the data showed.

The deficit for 2011 was $2.35 billion, the ministry said.

The International Monetary Fund said in September that poor government economic policies have contributed to a slowdown of investment in Lebanon; businessmen complain that the government, constrained by sectarian rivalries, has been slow to reform state finances and improve infrastructure.

The International Monetary Fund said in September that poor government economic policies have contributed to a slowdown of investment in Lebanon; businessmen complain that the government, constrained by sectarian rivalries, has been slow to reform state finances and improve infrastructure.

A civil war in neighbouring Syria has also affected Lebanon, with sporadic episodes of cross-border violence and Syria-related clashes as well as plunging tourism revenues.

Lebanon saw rapid growth of around 8 percent for four years until 2011. But the IMF expects growth of 2 percent in 2012 and 2-1/2 percent in 2013.

Reuters

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8 responses to “Lebanon’s budget deficit jumped 67 % in 2012”

  1. Constantin7 Avatar
    Constantin7

    Of course the budget deficit is going to JUMP, if HAMIHA HARAMIHA, the thieves are from within the government itself, while a quarter of the population are paying taxes and their government dues, a quarter are stealing from the government and not paying any dues (electricity, water, taxes, etc…) and 50% of the population under the poverty level who cannot pay anything. You want to raise some money Mr. prime minister here are some ideas:
    1- Since 95% of the Lebanese are thieves, have a iron fist police force going after all the thieves in this country and make them pay penalties and fines for their crimes.
    2- Since 95% do not respect the law, specifically driving rules: Set stringe driving rules and start fining “bad” drivers on their infractions, this could be a gold mine, considering how the Lebanese drive…..
    3- All prisoners in jail should be working for free and be productive during their stay in prison
    4- Increase the VAT tax on the sales of Jewellery and luxury cars.
    5- Issue a law that forbids lebanese employers employing foreigners if there are Lebanese people willing to do the job (many lebanese have been fired lately from their jobs and replaced by Syrians at a quarter of the salary)
    Just few ideas….

    1. 5thDrawer Avatar
      5thDrawer

      Too much logic there Constantine. Even effecting half of those measures would help – although getting tourists in while that war goes on and on is unlikely.
      War is the largest reason of course … and why the world is largely in shit (besides crooked bankers). Anyone counted how many are going on in the world this year? It was something like 149 last time I looked … making and selling guns doesn’t seem to be helping economics anywhere. The food shortages that accompany those ‘war concepts’ also contribute to the money-shuffles and ‘need-for-aid’, which adds to the drains on coffers when also trying to help people struggling against the natural disasters of a changing planet. When it becomes impossible, we have the ‘Somali Model’ to look forward to.

    2. Prophettttt Avatar
      Prophettttt

      Constantin7, I tip my heat……Thumbs up.

  2. Constantin7 Avatar
    Constantin7

    Of course the budget deficit is going to JUMP, if HAMIHA HARAMIHA, the thieves are from within the government itself, while a quarter of the population are paying taxes and their government dues, a quarter are stealing from the government and not paying any dues (electricity, water, taxes, etc…) and 50% of the population under the poverty level who cannot pay anything. You want to raise some money Mr. prime minister here are some ideas:
    1- Since 95% of the Lebanese are thieves, have a iron fist police force going after all the thieves in this country and make them pay penalties and fines for their crimes.
    2- Since 95% do not respect the law, specifically driving rules: Set stringe driving rules and start fining “bad” drivers on their infractions, this could be a gold mine, considering how the Lebanese drive…..
    3- All prisoners in jail should be working for free and be productive during their stay in prison
    4- Increase the VAT tax on the sales of Jewellery and luxury cars.
    5- Issue a law that forbids lebanese employers employing foreigners if there are Lebanese people willing to do the job (many lebanese have been fired lately from their jobs and replaced by Syrians at a quarter of the salary)
    Just few ideas….

    1. 5thDrawer Avatar
      5thDrawer

      Too much logic there Constantine. Even effecting half of those measures would help – although getting tourists in while that war goes on and on is unlikely.
      War is the largest reason of course … and why the world is largely in shit (besides crooked bankers). Anyone counted how many are going on in the world this year? It was something like 149 last time I looked … making and selling guns doesn’t seem to be helping economics anywhere. The food shortages that accompany those ‘war concepts’ also contribute to the money-shuffles and ‘need-for-aid’, which adds to the drains on coffers when also trying to help people struggling against the natural disasters of a changing planet. When it becomes impossible, we have the ‘Somali Model’ to look forward to.

    2. Prophettttt Avatar
      Prophettttt

      Constantin7, I tip my heat……Thumbs up.

  3. Patience2 Avatar
    Patience2

    The hezbians are ‘spendy little devils’ aren’t they?

  4. Patience2 Avatar
    Patience2

    The hezbians are ‘spendy little devils’ aren’t they?

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