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Lebanon’s 2014 budget projects 35% deficit

Lebanon’s finance minister, Ali Hasan Khalil has finalised the 2014 draft budget with a 34.9% projected deficit in spending, compared with 30.94% last year, The Daily Star has reported. Khalil said the 2014 budget was similar to last year’s spending, with salary increases as a result of the high cost of living and essential appointments in some ministries. Projected expenditures for this year amounted to LL21.92trn, compared with LL21.3trn in 2013, an increase of more than LL600bn. The 2014 draft budget contains no new taxes.