Lebanon: Aoun Promises to Issue 2020 State Budget On Time
Lebanese President Michel Aoun promised on Tuesday that the budget of the year 2020 will be issued within the constitutional timeline, and will be balanced and reformative.
"We will successfully overcome the current crisis in cooperation between all the concerned parties, especially those who place the higher interest of Lebanon and the Lebanese above all other considerations," Aoun said.
The President was speaking during a meeting with President of the Association of Banks, Salim Sfeir, and members of the Board of Directors of the Association to congratulate them for the trust they received in the last elections.
Sfeir briefed Aoun on the banking reality and the need for the Association's participation in the preparation of the 2020 budget, given its role in the economic cycle in Lebanon.
He also thanked the President for his interest in the banking and economic affairs of the country.
The President of the Association of Banks confirmed that Lebanese banks are exceptional, noting that Lebanon’s banking sector is strong and abides by the rules and decisions issued by Banque Du Liban.
However, Sfeir did not hide that the situation in Lebanon needs reform, which should allow banks to invest to support the economy and create job opportunities.
For his part, Aoun wished the new Board of Directors to achieve the aspirations of members of the Association, underlining the necessity of cooperation between banks and State institutions concerned with financial, economic and banking affairs, so as to support financial and monetary stability in the country.
The President stressed the need to fortify the economy, "especially after the adoption of the general budget of 2019.”
Lebanon has still not approved the 2019 budget. Lebanese lawmakers on Tuesday began discussing the draft state budget that aims to avert a financial crisis in the heavily indebted country by raising taxes and cutting public spending.