Lebanon bites the dust

BEIRUT (AP) — Lebanon’s political leaders declared what they called an economic state of emergency Monday following a meeting aimed at finding a solution to the country’s economic crisis, raising concerns that more taxes will be imposed.
Lebanon has one of the world’s highest public debts in the world, standing at 150% of gross domestic product. Growth has plummeted and budget deficit reached 11% of GDP as economic activities slowed and remittances from Lebanese living abroad shrank.
The government hopes to bring down the budget deficit to 7.6% of the GDP this year and to 6.5% in 2020.
The meeting at the presidential palace discussed measures to be taken in the near future and as part of the 2020 draft budget.
Prime Minister Saad Hariri told reporters after the meeting that the leaders have agreed on “declaring an economic state of emergency” and the formation of a committee that will follow on the situation.
Hariri added that employment in the public sector will be frozen and work will begin for a new retirement system. He said officials will work on reducing the percentage of the debt through partnership between the public and private sectors.