The Lebanese parliament passed this week a tighter national budget for the year 2002, which stipulates spending at 9.425 billion Lebanese pounds ($6.28 billion) and revenues of LP5.65 billion ($3.76 billion), mostly privatization money.
The $2.52 billion budget deficit amounts to over 15 percent of gross domestic product (GDP), which is estimated at over $16 billion. Lebanon's chronic budget deficit is estimated to have hit 22 percent of GDP last year, with spending running at $6.6 billion and revenues at $3.27 billion.
The 40 percent budget deficit forecasted for the year 2002 compares with last year’s budget deficit reaching 44.63 percent and to a 56.33 percent budget deficit for the year 2000, according to recently released government figures. — (menareport.com)
© 2002 Mena Report (www.menareport.com )