Lebanese PM warns of catastrophe without austerity
Lebanon faces catastrophe if the government does not agree what may be the most austere budget in its history, the prime minister said on Wednesday, urging national unity and saying everyone should be ready for sacrifices if necessary.
Prime Minister Saad al-Hariri’s government is finalizing a 2019 state budget expected to follow through on its promise of “difficult and painful” reforms to put the public finances on a sustainable path.
The budget is seen as a critical test of its will to enact reforms that economists say are more pressing than ever for an economy that has suffered years of low growth. State finances are strained by a bloated public sector, high debt servicing costs and hefty subsidies spent on the power sector.
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