Hezbollah chief says Lebanon public finances threaten disaster

nasrallahThe leader of Lebanon’s Iranian backed Hezbollah militant group Hassan Nasrallah, said on Wednesday that the deeply indebted country faced disaster if it continued on the same financial path.

Hezbollah is part of Lebanon’s coalition government and wields extensive influence in Lebanese politics. Nasrallah was speaking on television about the group’s platform for parliamentary elections in May.

“The danger reaches to the level of an existential threat to the state and to the country, and to the security and stability of society if the financial situation and spending continue like this,” he warned

He urged measures to rationalize spending, reduce public debt and combat corruption and wastefulness, but without giving specifics.

Lebanon has a debt-to-GDP ratio of about 150 percent, one of the highest in the world, and has endured years of weak economic growth since the start of war in neighboring Syria in 2011.

The cabinet has agreed on a budget for 2018 and aims to push it through the parliament before a meeting of international donors in Paris early next month.

The International Monetary Fund, which expects Lebanon’s economy to grow about 1-1.5 percent this year, said last month that its debt trajectory was unsustainable and fiscal and structural reforms are needed urgently.

REUTERS

  • Rascal

    Lebanon’s economic lessons from Hezbollah, who gets paid by Iran.
    How much does a mercenary leader make now days? Nasrallah must have to do a income tax return if he works for the government and pays taxes? I think he gets paid in suitcases full of cash from Tehran since no sane bank would touch him.

  • Rudy1947
    • Rascal

      That is a possible solution to Lebanon’s trash problem but with Hezb/Iran hate more important to the national identity, Israel may not get a chance to import trash or sell the recycling tech to Lebanon. Seriously, most of the Lebanese tell me the Israeli occupation in the south was nothing compared to Assad’s evil occupation that Hezb/Iran is fighting for now. It really is time to move on and develop better relations but Jihad terrorist groups won’t let that happen as they still want more war.

  • Danny Farah

    The bastard been in the government forever and now he cares about the finances? is he trying to show us that waliat al faqih financial system is better with what we have. Make no mistake if Iranian stooges have any chance of winning a war with Israel, Lebanon and Syria’s equations will be changed dramatically. That means Nasrallah will openly talk about establishing the Waliet al Faqih. He is already been doing it quietly and has been shutting down the voices of reasons among the shiite communities. He is waging war in Hermel and Baalbek and trying to cause rift so his stooges win there. He will not let up until lebanon is under his control.

  • Y K

    The Fat Sack of Sh*t(tm) as a paragon of fiscal responsibility? Oy vey.

    I bet his preparations for all-out war with Israel AND the Sunni world aren’t costing the Lebanese a single dime. Not to mention the war itself, when it comes. 🙂