Lebanon's budget deficit expanded by 42% y/y to LBP 2.446tn (USD 1.6bn) in the first five months of 2013 as a mild increase in revenue was offset by higher spending growth, the Daily Star reported on Sept 5 citing data from the finance ministry. The latter has not released an official breakdown yet.
Total proceeds, including tax and non-tax income, increased 2.3% y/y to LBP 6.313tn. Spending rose 11.0% to LBP 8.750tn in January-May. The budget reported a LBP 30bn primary surplus at end-May compared with a LBP 720bn surplus the year before.
Income tax proceeds reportedly climbed 22% y/y in January-May, helping offset a 3.6% drop in VAT revenue. Taxes from property transactions and inheritance fell 12% y/y over the period.
Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more
Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more
Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more