BEIRUT: Lebanese Prime Minister Saad Al-Hariri said his government would aim to cut the budget deficit to 7 percent of GDP next year as part of reforms to shore up state finances and rein in public debt.
Lebanon also plans to keep the local currency peg to the dollar which was crucial to move ahead with reforms, Hariri told CNBC in an interview.
“So what we are doing is, fixing our debt to GDP, our deficit and the budget to 7.6 percent this year, we want to go down to 7 percent next year, or maybe a little bit less,” he said in the interview aired on Wednesday.
The prime minister also said that “keeping the Lebanese pound at 1,500” is the only stable way to proceed with the government’s reforms.
Hariri said his country would not consider an International Monetary Fund (IMF) program since it would leave market forces to decide the pricing of the country’s currency.
“I think the IMF has certain criteria that we do not, especially when it comes to the Lebanese pound. This is something that we feel extremely sensitive about.”
The IMF said in July the deficit in 2019 would likely be well above the government’s target of 7.6 percent of national output.
Lebanon has one of the world’s largest public debt burdens at 150 percent of GDP.
On Monday, Lebanon declared a “state of economic emergency,” with Hariri saying the government would take emergency measures to speed up economic reforms to help overcome a worsening economic crisis.
Fitch downgraded Lebanon’s credit rating to CCC on debt-servicing concerns 10 days ago.
Lebanon PM targets deficit of 7% of GDP next year amid ‘economic emergency’
Lebanon PM targets deficit of 7% of GDP next year amid ‘economic emergency’
- Lebanon also plans to keep the local currency peg to the dollar, Saad Hariri says
- Lebanon has one of the world’s largest public debt burdens at 150 percent of GDP
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
