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Lebanon's budget deficit reaches 24 percent in first eight months.

Summary: <p>BEIRUT: The Finance Ministry said Tuesday that the budget deficit for first eight months of 2009 reached 24.47 percent of spending or LL2.777 trillion ($1.84 billion) compared to 27.35 percent in the same period of 2008 or LL2.550 trillion. The ministry said the allocations for Electricite du Liban in the same reporting period rose by LL176 billion.

BEIRUT: The Finance Ministry said Tuesday that the budget deficit for first eight months of 2009 reached 24.47 percent of spending or LL2.777 trillion ($1.84 billion) compared to 27.35 percent in the same period of 2008 or LL2.550 trillion.

The ministry said the allocations for Electricite du Liban in the same reporting period rose by LL176 billion.

The primary surplus, excluding the cost of debt servicing, for the first eight months of this year recorded a surplus of LL975 billion (or 59.8 percent of total spending), an increase of LL127 billion compared to the same period of 2008.

The primary surplus in the first eight months of 2008 was LL848 billion.

Total government spending up to August 2009 reached LL11.347 trillion while spending outside the cost of debt servicing reached LL7.595 trillion.

Total government tax and not tax revenues in the same period reached LL8.570 trillion.

According to the ministry, government revenues jumped by LL1.793 trillion (or 26.47 percent) to LL8.570 trillion.

Revenues from tariffs in the same reporting rose by LL865 billion while the proceeds from the value added tax rose by LL258 billion.

However, total government expenditures in the first eight months of this year rose by LL2.020 trillion (or 21.66 percent) to reach LL11.347 trillion. -- The Daily Star

Copyright 2009, The Daily Star. All rights reserved.

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Publication:The Daily Star (Beirut, Lebanon)
Date:Oct 7, 2009
Words:306
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