Lebanon: Hariri agrees for reforms to to resolve economic crisis

Leban's Prime Minister Sa-al Hariri has agreed on Sunday for a pack of reforms with government allies to deal with ecomic crises that have sparked protests demanding ouster of a political class y allege is riddled with corruption and cronyism. decision comes after hundreds of thousands of protester flooded streets nationwide in, what might be called, biggest display of dissent in deces.

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reform pack

Leer of a coalition government battling sectarian and political rivalries Hariri granted his coalition partners a 72-hour deline on Friday to agree on reforms that can dissipate crises hinting that he may resign orwise. He anunced same on Twitter which in English res: 72 hours.

Hariri has accused his opponents of causing hindrance in his reform measures which can help unlock  $11 billion in Western dor pledges and help avert ecomic collapse.

reforms will require decisions of cutting salaries of current and former presidents, ministers, and MPs by 50% and cuts in benefits to state institutions and officials. It also requires central and private banks to contribute $3.3 billion for a near-zero deficit goal as part of 2020 budget. plan also includes privatising telecom sector and an overhaul of pricey but crumbling electricity sector which is a threat to country's diminished finances. According to reports,  Cabinet will meet at on on Monday at presidential palace to approve reform pack. 

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IMF's urge to rebalance Leban's ecomy

Reports suggest that without any foreign funding, a currency devaluation or a debt default will be imminent within months. Last week International Monetary Fund (IMF) h said that Leban's crisis requires strict austerity measures like tax hikes and levies on fuel, something which country's leers have publicly said will t take.

Leban's ecomy h registered growth of just 0.3 percent points last year. IMF has said that reforms are needed to arrest country's ballooning deficit and public debt which it forecasted to reach 155% of GDP by year-end. officials revealed that budgets will t include taxes or fees after decision to put a tax on WhatsApp calls unleashed a massive protest. 

reforms have called for establishing new regulatory and transparecny bodies within a short period of time to supervise reform plans. 

(With inputs from ncies)

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