Lebanon’s budget deficit jumped to $1.78 billion in the first half of this year compared with a deficit of $1.577bn in the same period of 2014.
The initial balance of the budget recorded a surplus of $475 million, compared with a surplus of $580m by the end of the first half of last year, reports Lebanon-based Assafir.
In detail, state revenues (budget and treasury) fell by 4.44 per cent per year to $5.01bn, as a result of the deterioration of non-tax revenues from telecommunications by 11.87 per cent to approximately $550m.
In parallel, the state expenses (budget and treasury) fell by 0.36 per cent on an annual level to $6.79bn due to the decline in transfers to Electricité du Liban (EDL) by 39.55 per cent to $627.55m.
In this framework, the deficit of the total expenditure ratio rose to 26.28 per cent during the first half of 2015, compared with 23.14 per cent during the first half of 2014.
($1 = AED 3.67, at the time of publishing)