VOL. XLII

No. 30

26-July-1999

LEBANON

Lebanon Approves 1999 Budget With 40.3% Deficit

The long-awaited Lebanese budget was passed on 15 July,following months of delays and showing little deviation from the fiscalmanagement of previous governments. The new government has forecast a budgetdeficit of LL3,370bn ($2.25bn) for fiscal year 1999 (which commenced on 1January) equivalent to 40.3% of projected revenues. Local economists arepessimistic about even this target being achieved, given the...