Hariri to chair meetings on smuggling, electricity and economy

haririPrime Minister, Saad Hariri will chair a   meeting at 2 pm  that will include   government ministers Ria  Hassan,  Elias Bou Saab  and Hassan Khalil and security  chiefs to discuss the subject of smuggling on the border.

At 4 p.m., he chairs a meeting of the Ministerial Committee on electricity and another  meeting  at 6 p.m. on economic issues .

Lebanon is losing billions in revenues as a result of the illegal border crossings .

Lebanon is also spending  billions in electricity subsidies every year

All the above plus the well known corruption has led to the downgrading of Lebanon’s sovereign bonds .

Average rates on Lebanon’s existing securities have soared more than 500 basis points since February to 14.7% as investors fret over the nation’s deteriorating finances. Its bond curve suggests that a five-year offering would probably yield at least 14.3%.

As a result of the high deficit Lebanon is planning to issue Euro bonds with highest historical rate ever which will further increase the annual debt servicing which again will lead to higher deficit .