Lebanon’s caretaker finance minister, Mohammed Safadi, drafted a new 2014 state budget forecasting LBP 22.6tn (USD 15bn) in spending, up 7% y/y, and a maximum budget gap of LBP 5.7tn, daily Assafir reported on Aug 12. The draft budget is just an administrative measure as the parliament has not even debated and approved the 2013 state budget. The 2014 budget bill reportedly includes LBP 12tn in current spending, up 20% y/y, considering the incurred minimum wage hike.
In March, Safadi submitted an updated 2013 state budget reducing spending by LBP 2tn to LBP 21.23tn (USD 14.1bn). Safadi, however, upped the forecast budget gap for 2013 to LBP 5.247tn due likely to lower revenue expectation.
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