Proposed budget has $4.8 billion deficit. Salary scale to be included in the 2017 budget

The Ministry of Finance (MoF) has projected budget revenues of LL16,384 billion ($11 billion) for 2017 and expenditures of LL23,670 billion ($15.7 billion).

The MoF aims to reduce the fiscal deficit to $4.8 billion from the $4.9 billion recorded last year, which will lower the deficit to GDP ratio to 8.7 percent from 9.3 percent, said Finance Minister Ali Hassan Khalil.

The 2017 budget figures take into consideration an anticipated economic growth of two percent.

The overal...

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$1.2 billion invested in hospitality last year. Seven percent direct contribution to GDP

The direct contribution of travel and tourism to GDP in 2016 was seven percent, at $3.3 billion, according to the World Travel and Tourism Council (WTTC). The contribution reflects the economic activity generated by subsectors such as hotels, travel agents, airlines and other passenger transportation. The sector's turnover decreased eight percent compared to 2015.

Pierre Achkar, Chairman of the Syndicate of Hotels Owners, said: "Touristic institutions launched several offers and reduced ...

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265 companies from 28 countries submit proposals for solar energy. Local ones lead the way

The Ministry of Energy and Water has received 265 project proposals for its invite to the private sector to develop solar farms, operate them, and sell power to Electricité du Liban (EDL).

The ministry had sought the development of 180 megawatts (MW) of solar farms in all regions. The overall proposed capacities by interested bidders reached 3,500 MW.

Pierre Khoury, Chairman of the Lebanese Center for Energy Conservation, which is processing the proposals, said: "This shows ...

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Cabinet approves budget and sends it to Parliament. Details to be unveiled on Thursday

The Cabinet has approved the draft budget for 2017, which will substantially reduce the deficit. It will now move to Parliament for further deliberations and eventual ratifications.

The government has been operating without a public budget for 12 years. Successive draft plans sent by the Cabinet have lingered in an often gridlocked Parliament. The last one ratified by Parliament was in 2005.

The fiscal deficit widened to $4.94 billion in 2016.

The budget is heavily weighed...

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Subsidies for the food industry at international fairs.

The Cabinet has agreed to provide a subsidy to support the participation of industrial food companies in three international exhibitions: Gulf Food in the UAE which targets the MENA, the Fancy Food Show in New York held in June, and Anuga in Germany (October 2017).

The subsidy, which is valued at $330,000, was requested by the Investment and Development Authority in Lebanon (IDAL). The subsidy will cover the rental cost of 400 square meters (m2) at the Gulf Food exhibition, 100 m2 at the...

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