UPDATE 1-Lebanon commits to quick reforms, warns could be painful - draft policy statement
The government formed last week is also committed to bringing down the debt-to-GDP ratio by boosting the size of the economy and reducing the budget deficit, the draft policy statement said. The statement drawn up by a committee of ministers this week sets the main policy objectives of Prime Minister Saad al-Hariri's government and will be put to a vote of confidence in parliament next week.
Lebanon has one of the highest debt-to-GDP ratios in the world, at around 150 percent. As of the 2019 budget, the government is committed to a "financial correction" equal to at least one percent of GDP a year over five years, the draft policy statement said.
This would achieved by boosting revenues and cutting spending, starting with transfers to the state-run power company, it said. Lebanon would also continue the policy of exchange rate stability that is a priority for "social and economic stability", it said.
The government would also award licences for offshore energy blocks in a second round of tenders by the end of 2019, it added. (Reporting by Laila Bassam; Writing by Tom Perry/Ellen Francis; Editing by Hugh Lawson, William Maclean)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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