The Cabinet on Monday approved the draft 2018 state budget, sending it to Parliament for ratification.
“The budgets of all ministries have been slashed by 20% and I thank the finance minister for finalizing the state budget,” Prime Minister Saad Hariri said at a joint press conference with Finance Minister Ali Hassan Khalil, describing Cabinet's speedy approval of the budget as an “achievement.”
“The 2018 budget includes reforms and incentives for all sectors and it will achieve a surplus in all ministries... I thank the finance minister and his team for their strenuous work,” the premier added.
He also reassured that the approved budget spares Lebanon a “Greece-like crisis,” noting that he does not fear an economic crisis.
Khalil for his part announced that the budget “does not include any new tax or fee.”
“In one of the budget's clauses, the government has committed itself to slimming the public sector and abolishing public institutions that are no longer active,” Khalil revealed.
“We are heading towards real reforms and what's important is to put ourselves on the right track,” the minister added.