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Lebanon economy needs urgent surgery to avoid collapse

Staff Writer | February 11, 2019
Lebanon's economy needs urgent "surgery" or it could collapse, Prime Minister Saad al-Hariri said on Sunday.
Saad al-Hariri
Middle East   Prime Minister Saad al-Hariri
After nine months of wrangling over cabinet portfolios, Lebanon's politicians finally formed a government 10 days ago. The heavily-indebted country has said it will enact long-overdue reforms to avoid a worsening of economic, financial and social conditions.

"Today in Lebanon we don't have time for luxury in politics because our economy could be subjected to collapse, if we do not carry out this surgery quickly and with (political) unanimity," he told the World Government Summit in Dubai.

International donor institutions and foreign governments want to see the new government enact reforms before releasing some $11 billion in financial assistance pledged at a Paris conference last April called "Cedre".

"I tell you there is political unanimity in Lebanon on all the reforms that happened at Cedre and there is political consensus to fight corruption," he said.