Lebanon's budget deficit (including Treasury transactions) expanded 68% y/y to LBP 2.862tn (USD 1.9bn) in the first six months of the year as revenue shrank and spending increased, daily Al-akhbar reported on Sept 19, citing a statement by the finance ministry.
Total revenue dropped 4.3% y/y to LBP 7.318tn, whereas spending rose 8.9% to LBP 10.18tn. The primary budget surplus, excluding the cost of debt servicing, plummeted to LBP 25bn from LBP 1.164tn a year earlier. Excluding debt servicing, spending rose 12.6% y/y to LBP 7.293bn in H1.
Caretaker finance minister Mohammed Safadi has recently warned that the budget deficit would reach LBP 5.5tn by end-2013 and might expand further in 2014 if no measures were taken to boost revenue.
Custom proceeds fell 2.6% y/y to LBP 1.065tn in January-June and VAT income dropped 3.3% to LBP 1.619tn on weak tourism activity.
A weak real estate activity also reduced non-tax income by 12% y/y to LBP 1.486tn over the period.
Related Articles
Egypt launches international bid round for gas exploration in Red Sea
Egypt’s Ministry of Petroleum and Mineral Resources has launched a new international bid round for oil and gas exploration in four offshore blocks in the Red Sea, according to Al Youm Al Sabea, ... more
BP expands gas output in Egypt’s West Nile Delta with new well start-up
British energy major BP (LSE, NYSE:BP) has started up the RW5 gas well in Egypt’s West Nile Delta (WND) project, adding around 80mn cubic feet per day of additional supply, Al Mal reported on ... more
Egypt reports multiple oil and gas discoveries in New Delta, Eastern and Western Deserts
Egypt’s Ministry of Petroleum and Mineral Resources has announced 18 new oil and gas discoveries across the New Delta, Eastern Desert, and Western Desert, marking one of the strongest exploration ... more