Technological industrial zone slated for Sibline.

The Ministry of Industry (MoI) has launched preliminary studies for the construction of a technological industrial city in Sibline.

The Investment and Development Authority in Lebanon (IDAL) finalized a market study to discover if there is enough potential to launch the project. IDAL studied the region's ability to access the market, raw materials, and human resources.

IDAL's results showed that there is large potential for establishing a zone for high-tech industries producing p...

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Public debt is under control. Minister of Finance denies rescheduling following Moody’s warning

The government has responded strongly to a warning issued by Moody's, the credit rating agency.

Slowing capital inflows and weaker deposit growth increase the risk of debt rescheduling or another liability management exercise that may constitute a default, according to a credit analysis by Moody's Investors Service. The firm said that this could happen despite the inclusion of fiscal consolidation measures in the draft budget for 2019.

In response, Ali Hassan Khalil, Minister of Fi...

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Nakhoul relocates and doubles production.

Nakhoul Corporation, a manufacturer of air distribution and flue system products, opened a factory in Gharzouz, Jbeil early this month.

The company's factory in Zouk Mkael has been relocated to the 5,000 square meter facility in Gharzouz in order to double production. Nakhoul Corporation currently designs, manufactures and installs more than 200 projects per year.

Investment in the project is around $4 million, excluding the cost of the land.

"We are expanding to increase ...

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Fiscal deficit widens 66 percent. Revenues from VAT signal stable consumption

The fiscal deficit for 2018 increased to $6.2 billion from $3.8 billion in the previous year driven by a surge in expenditure and stagnation in revenue growth, according to the Ministry of Finance (MoF).

The MoF released the figures for this year's annual budget three months later than scheduled.

The deficit represents nearly 11 percent of GDP according to the World Bank's GDP estimates for 2018.

Total expenditure jumped 16 percent to $16.4 billion.

More than one thi...

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Zero percent growth forecasted for this year. Riad Salameh: There is liquidity in the banking system

The Governor of the Central Bank (BDL), Riad Salameh, said that the Gross Domestic Product (GDP) will neither grow nor shrink in 2019.

The situation will improve in the second half of the year if the hospitality and tourism sectors improved, Salameh said.

Remittances are stable, ranging between $7 and $8 billion per year. "If remittances weren't enough to meet the country's financial needs, the Central Bank will compensate the shortage," said the Governor. The country will not fa...

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