News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
South
13
o
Beirut
16
o
Bekaa
6
o
Keserwan
17
o
Metn
17
o
Mount Lebanon
12
o
North
17
o
South
13
o
Beirut
16
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Concerts
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
South
13
o
Beirut
16
o
Bekaa
6
o
Keserwan
17
o
Metn
17
o
Mount Lebanon
12
o
North
17
o
South
13
o
Beirut
16
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
3
min
Budget 2024: The BDL, with its Council, will not fund a budget deficit approved by parliament under any circumstances
Press Highlights
2023-11-22 | 01:50
High views
Share
Share
0
0
3
min
Budget 2024: The BDL, with its Council, will not fund a budget deficit approved by parliament under any circumstances
Amid Lebanon's deepening economic crisis, Banque du Liban (BDL) Council members unanimously emphasize their steadfast position on "not printing lira to cover the budget deficit." They assert that using the remaining reserves of dollars to address the shortfall is also impossible.
This message was communicated explicitly to Parliament Speaker Nabih Berri, Prime Minister Najib Mikati, and all ministers and deputies without exception. Sources within the Council express astonishment that "Finance Minister Youssef Khalil does not defend the 2024 budget bill, which has been stripped of many items, leading to an additional deficit estimated at around LBP 17 trillion."
This article was originally published in and translated from Lebanese newspaper Nidaa Al-Watan.
The sources state, "There is a dangerous adventure undertaken by the bidders and populists, which will lead to a new exchange rate collapse, placing the BDL in a situation it vehemently rejects. If a new governor is appointed in 2024, he will have the latitude to do as he pleases according to the existing political dynamics."
The sources highlight the situation, "The problem since the 1990s has been the budget deficit, which was covered by borrowing until the public debt escalated dangerously, prompting creditors to refrain from lending to Lebanon. Consequently, the BDL began financing the governments from depositor funds under the current deputies."
The sources support most statements regarding the need to avoid arbitrary expansion in taxes and fees, advocating instead for a serious campaign against tax evasion and customs smuggling.
They emphasize, "Tax evasion and smuggling are age-old problems in Lebanon, and all the talk about combating these ills overnight is a trivialization and an evasion of the fact that Lebanon lacks a real state. A state must be rebuilt from scratch, requiring a phased program that does not deny the necessity of not approving a deficit budget today."
Therefore, the sources warn deputies that "the current BDL with its Council will not, under any circumstances, fund a budget deficit approved by parliament."
The sources reiterated that the 2024 commitments are pivotal for MPs, stating, "Either we begin to emerge from the crisis, or it prolongs, and Lebanon does not emerge from it for at least ten years. Relying on oil and gas is an illusion because revenues, even if significant gas is in commercial quantities, will not come before 5 to 7 years."
In conclusion, the sources remind MPs of the imperative need to approve a series of legislations that can no longer be evaded, notably: "Bank restructuring, reassessment of financial normalization (which determines the fate of deposits), approval of 'capital control,' and the amendment of the banking secrecy law once again to align with international standards emphasized by the International Monetary Fund (IMF). Otherwise, it means more deadly bids and populism!"
Lebanon News
Lebanon Economy
Press Highlights
Budget
BDL
Council
Fund
Deficit
Parliament
Next
Parliament Speaker Berri affirms: Lebanon will have a president on January 9
Recommended For You
d-none hideMe
0
Lebanon News
2024-12-10
Parliament Speaker Berri affirms: Lebanon will have a president on January 9
Lebanon News
2024-12-10
Parliament Speaker Berri affirms: Lebanon will have a president on January 9
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
World News
2024-11-23
32 killed in new sectarian violence in Pakistan: Official
World News
2024-11-23
32 killed in new sectarian violence in Pakistan: Official
0
Lebanon News
2024-12-09
MP Gemayel urges reopening assassination files, says Lebanon's suffering under Syria's regime 'reason to celebrate'
Lebanon News
2024-12-09
MP Gemayel urges reopening assassination files, says Lebanon's suffering under Syria's regime 'reason to celebrate'
0
Middle East News
2024-11-17
Israeli army reports five soldiers injured in 24 hours in Gaza and Lebanon
Middle East News
2024-11-17
Israeli army reports five soldiers injured in 24 hours in Gaza and Lebanon
0
Lebanon News
2025-01-03
Fatal shooting erupts in Qana, south Lebanon, over old dispute
Lebanon News
2025-01-03
Fatal shooting erupts in Qana, south Lebanon, over old dispute
Videos
d-none hideMe
0
Lebanon News
05:05
Lebanese army allows residents to return to southern villages
Lebanon News
05:05
Lebanese army allows residents to return to southern villages
0
Lebanon News
2025-01-21
PM-designate Nawaf Salam meets President Joseph Aoun at Baabda Palace for continued talks
Lebanon News
2025-01-21
PM-designate Nawaf Salam meets President Joseph Aoun at Baabda Palace for continued talks
0
Lebanon News
2025-01-16
Unexploded Israeli booby trap discovered in home in South Lebanon's Meiss El Jabal (Video)
Lebanon News
2025-01-16
Unexploded Israeli booby trap discovered in home in South Lebanon's Meiss El Jabal (Video)
0
Lebanon News
2025-01-14
Lebanon's First Lady Neemat Aoun addresses the press, affirms commitment to rebuild South Lebanon (Video)
Lebanon News
2025-01-14
Lebanon's First Lady Neemat Aoun addresses the press, affirms commitment to rebuild South Lebanon (Video)
0
Lebanon News
2025-01-13
LBCI captures scenes of destruction in southern Lebanese town of Chamaa following Israeli attacks
Lebanon News
2025-01-13
LBCI captures scenes of destruction in southern Lebanese town of Chamaa following Israeli attacks
0
Lebanon News
2025-01-08
Presidential images of Army Commander Joseph Aoun printed (Video)
Lebanon News
2025-01-08
Presidential images of Army Commander Joseph Aoun printed (Video)
0
Lebanon News
2025-01-08
LBCI documents scenes of destruction in Naqoura and Aalma in South Lebanon
Lebanon News
2025-01-08
LBCI documents scenes of destruction in Naqoura and Aalma in South Lebanon
0
Lebanon News
2024-12-24
Tom Fletcher affirms commitment to Lebanon's future, vows to help lead it into a new phase - Watch the full interview with LBCI
Lebanon News
2024-12-24
Tom Fletcher affirms commitment to Lebanon's future, vows to help lead it into a new phase - Watch the full interview with LBCI
0
Lebanon News
2024-12-21
Car runs over security officer in Beirut, Lebanon (Video)
Lebanon News
2024-12-21
Car runs over security officer in Beirut, Lebanon (Video)
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
01:44
Masked gunmen kill Hezbollah official in Machgharah, Lebanon
Lebanon News
01:44
Masked gunmen kill Hezbollah official in Machgharah, Lebanon
2
Lebanon News
09:03
Israeli army prepares for withdrawal from Lebanon, awaits political directives: Amal Shehadeh
Lebanon News
09:03
Israeli army prepares for withdrawal from Lebanon, awaits political directives: Amal Shehadeh
3
Lebanon News
10:34
Lebanese Army completes deployment south of Litani and expands presence in eastern sector
Lebanon News
10:34
Lebanese Army completes deployment south of Litani and expands presence in eastern sector
4
Lebanon News
06:08
Lebanese army to redeploy and reinforce presence in southern Lebanon
Lebanon News
06:08
Lebanese army to redeploy and reinforce presence in southern Lebanon
5
Lebanon News
07:26
Lebanon's President Aoun stresses importance of forming government for reconstruction
Lebanon News
07:26
Lebanon's President Aoun stresses importance of forming government for reconstruction
6
Lebanon News
04:20
Israeli drone strike hits Wadi Khansa-Majidiye area in Lebanon
Lebanon News
04:20
Israeli drone strike hits Wadi Khansa-Majidiye area in Lebanon
7
Lebanon News
03:14
Former PM Hassan Diab calls for cooperation to form problem-solving government
Lebanon News
03:14
Former PM Hassan Diab calls for cooperation to form problem-solving government
8
Lebanon News
03:30
General Security warns of Instagram account theft in Lebanon
Lebanon News
03:30
General Security warns of Instagram account theft in Lebanon
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More