World Bank approves loan for Lebanon as part of Reform Project
The project aims to enhance the efficiency of financial management systems and promote effective use of public resources in Lebanon, the World Bank said in a statement.
“High levels of debt, large fiscal deficits and lack of fiscal space for public investments are major constraints to Lebanon’s economic growth,” the statement quoted Ferid Belhaj, World Bank director for the Middle East region, as saying.
“The Finance Ministry has embarked on many notable structural reforms including public financial management. The reform agenda is supported by several donors and activities are being coordinated to optimize synergies and to take full advantage of all partners’ added values and areas of specific expertise.”
According to the statement, reforms will be introduced in ministry departments concerned with budget preparation, commitment controls and liquidation procedures.
- Will Hezbollah sanctions have an effect Lebanon’s banking sector?
- Why Saudi's latest announcement to open up the stock market to foreign investors is a good move
- Saudi expected to emerge as seventh largest capital market and it's a very big deal!
- Time for some serious contemplation: Middle East firms face $91bn refinancing needs
- What's really holding Islamic Banking back?
- World Bank approves $50 million to improve Egypt’s higher education
- World Bank grants Morocco $97.6 million
- AMFsigns US$45-million loan agreement with Syria
- Turkey: World Bank approves US$465.4 million loan to support privatization project
- Lebanon gets EUR 45 million loan for water projects in two coastal towns