Consultancy’s report to revamp economy needs cabinet approval, Implementing recommendations crucial to attract investments
Caretaker Economy and Trade Minister Raed Khoury said implementing the thrust of the 1,000-page report will be crucial if Lebanon, the world’s third-most indebted nation, wants the international community to start releasing $11 billion in grants and soft loans pledged in April.
“They are all interrelated,” Khoury said Friday in an interview at his Beirut office as he read from a summary of the report.
The abridged document was presented to President Michel Aoun this week, and the full version must be ratified by the new cabinet, which Prime Minister-designate Saad Hariri is still attempting to form following May’s elections.
Voting again exposed Lebanon’s notoriously complex sectarian rifts, with the Iran-backed Hezbollah group securing a bigger chunk of the seats in parliament. After weeks of horse-trading, Hariri is nowhere near forming a ministerial team amid infighting within Christian and Sunni communities, and demands by political leaders for greater representation. [Read More @ Bloomberg]