Jumblat: Lebanon Must Pull Itself Together to Confront Economic Challenges

Progressive Socialist party chief Walid Jumblat stressed on Monday that Lebanon will not be able to confront the financial challenges if the waste of state funds is not controlled.

“Lebanon will not be able to confront the economic and financial challenges if it does not pull itself together and conduct radical and urgent reforms to stop the waste of money in various sectors mainly the energy sector, customs, ministries and several others,” he said in his weekly editorial in the PSP-affiliated al-Anbaa website.

He urged for serious and effective measures to be taken.

“The state of economic and social indifference in Lebanon is really strange despite the fact that suffering affects all segments of society without discrimination,” said Jumblat.

He concluded saying that “although corruption, unemployment, deteriorating public services have become chronic problems, although it is not impossible to address them with the help of a political will.”

“Lebanon's public debt is growing and has become a major threat to the social and financial infrastructure of Lebanon and the treasury,” he said.

Lebanon's gross public debt reached $69.4bn at the end of May 2015, constituting an increase of 4.2% from the end of 2014 and a rise of 6.6% from $65.1bn at end-May 2014,” according to a report by Byblos Bank.