Haffar confident in Lebanon's economic future

BEIRUT: New Finance Minister Raya Hassan Haffar said Wednesday that Lebanon will quickly head toward economic recovery once all parties agree on reforms and Paris III commitments are implemented. Speaking at the opening of a workshop organized by Bassil Fleihan training institute, Haffar said the new government was ready to launch once the ministerial statement was issued. 

“Everybody has the intention to cooperate to implement reforms,” Haffar said. 

She added that the Lebanese economy has achieved good results for the third year in a row, despite the security incidents in the country in the spring of 2007 and the summer of 2008 and despite the global economic crisis. 

The ministers stressed that Lebanon’s economic growth in 2008 exceeded 8 percent and in 2009 this growth is expected to surpass 7 percent. 

“Lebanon’s debt to GDP ratio reached its peak in 2005 and 2006 to reach … 180 percent, but eventually fell to 153 percent in 2009 and is expected to fall to 151 percent at the end of this year,” Haffar said. 

She emphasized that Lebanon will quickly head to economic recovery once all reforms mentioned in the Paris III papers are implemented. 

The minister did not make any direct comment about the privatization program which is still being hotly debated in the Cabinet. – The Daily Star