Saba: Lebanon's Public Debt Equal to $138 Billion

  • Economics
Saba: Lebanon's Public Debt Equal to $138 Billion

Charles Saba, adviser to Kataeb party leader, on Monday pointed out that Lebanon's public debt is actually equal to $138 billion, taking into consideration all the financial obligations of the government and the central bank.

Saba posted a graph taken from the Facebook page "Ra's Al-Mal" (capital), managed by Al-Akhbar newspaper, showing that Lebanon's total public debt has reached $138 billion by the end of 2017, thus rising beyond the country's Gross Domestic Product (GDP) by more than double.

Lebanon is incurring a yearly interest rate equivalent to $9.5 billion, the graph also shows.

It is noteworthy to mention that the number $80 billion, which is usually referred to when talking about the public debt, is correct, but only represents the central government’s debts recorded in the Finance Ministry's accounts. In other words, it represents the financial obligations with interests paid through annual allocations included in the state budget.