Lebanon today: Friday , May 31 Top news

Here are the top stories for Lebanon today:

PM Hariri calls for Arab solidarity at Mecca summit

hariri arab summit mekkahPrime Minister Saad Hariri has called for Arab solidarity in the face of regional conflicts and threats from “foreign intervention. Hariri was speaking at an emergency Arab summit held in the Saudi city of Mecca overnight Thursday, arranged by Saudi King Salman in response to recent attacks on Gulf oil assets. In his speech to the gathered Arab leaders, Hariri condemned “the attack on the United Arab Emirates and Saudi Arabia” and called for “the widest Arab solidarity in confronting them,” according to a statement from the premier’s office. “Arab solidarity remains our strongest weapon in the hands of the Arab nations,” he adde

Lebanon to seek more cuts in 2020 budget targeting power subsidy

This photo shows one of the two Karadeniz Holding ships, which are   docked   at Lebanon ports . The ships have been  providing  about  280 megawatts of electricity to Lebanon for three years at an exorbitant  price  that included hundreds of millions of dollars in bribes to politicians
This photo shows one of the two Karadeniz Holding ships, which are docked at Lebanon ports . The ships have been providing about 280 megawatts of electricity to Lebanon for three years at an exorbitant price that included hundreds of millions of dollars in bribes to politicians

Lebanon hopes to halve its ruinous electricity subsidy in 2020 as it targets more spending cuts after proposing a deficit-slashing budget plan for this year, the prime minister’s financial adviser said on Friday. The coalition government on Monday agreed a 2019 budget with a projected deficit of 7.6% of gross domestic product (GDP), down from 11.5% last year, but it must still be approved by parliament.”The main component that will help in the reduction of the deficit will be the reduction in the subsidy to the power sector,” he added.

Lebanon has one of the world’s highest debt burdens, equivalent to about 150% of GDP, and electricity subsidies cost 3.5%-4% of GDP a year, Munla said.

 

  • MaryTPresumptuous

    Very soon, Hariri’s reference to “foreign intervention” will refer, not just to Persian, Turkish, and Russian interventions, but also Syrian interventions in Arab affairs. The campaign to remove the Sunni population of Syria to Western Democracies will have been declared successfully completed and the repopulation with foreigners nominally supportive of the then puppet al-Assad will be in full bloom. Will make for a good vacation spot for Nasrallah, living among his kind …