No. 40



Lebanon Braces Itself For Austerity 1998 Budget As It Refinances Its Eurobond Issue

A consensus is emerging among various political groups in Lebanon that the 1998 budget,which is in the process of being drawn up, should be characterized by fiscal austerity.This follows the rejection at the end of last month by the Lebanese cabinet of a proposalby the Prime Minister, Mr. Rafiq al-Hariri, to borrow $800mn on the international marketand to raise the price of...