Ministry of Economy prepares a plan for boosting the Lebanese economy and for introducing reforms

Nahar newspaper published an article on the views of the Ministry of Economy and Trade concerning the present social and economic crisis that Lebanon has been going through over the past few months especially in relation to economic reforms and the issue of the salary scale. The Minister of Economy, Alain Hakim, considers that introducing comprehensive economic reforms is a pressing issue for Lebanon.  He revealed the details of a plan that his Ministry has already put into motion namely in the form of an economic recovery plan which involves a number of sectors and which will be discussed with key stakeholders namely Lebanese economic institutions so that it can be later submitted to the Cabinet.  The (old-new) plan focuses on supporting investments through securing flexible loans for the private sector, introducing a taxation policy which will ensure equitable development in all parts of Lebanon as well as facilitate administrative procedures, open new external markets for Lebanese companies, and boost internal consumption through the creation of new work opportunities.  This will go hand in hand with the plans to introduce administrative, financial and economic reforms and to combating corruption and wastage in public utilities and services, strengthening the economic infrastructure through enhancing productive capacities as well as fostering the private-public partnership.
With regards to the adoption of new salaries scales, the Minister confirmed that this matter faces several hurdles, namely of financial nature. He warned of the negative repercussions if not enough domestic financial resources are secured, forcing the government to issue new treasury bonds and thus increasing public debt and deficit with grave repercussions on the financial rating of the country and its monetary stability.

Source: Al-Nahar 8 July 2014