Kataeb Objects to Parliament's Extra-Budgetary Spending Approval

  • Economics
Kataeb Objects to Parliament's Extra-Budgetary Spending Approval

The Parliament on Wednesday allowed the government to maintain its extra-bugetary spending until May 31st, amid the ongoing absence of a State budget for the year 2019.

The legislature reminded the government of the need to drop its spending by at least 1% per annum of the GDP, as stated in its policy statement.

Kataeb leader Samy Gemayel voiced objection to the ratified draft law which would lead to massive, unaccounted spending.

The Parliament on Wednesday allowed the government to maintain its extra-bugetary spending until May 31st, amid the ongoing absence of a State budget for the year 2019.

Lawmakers, therefore, have extended the so-called "12th rule" which allows the allocation of the same amount of money to the same expenses as specified in the most recent budget whenever no new one is endorsed. But this rule applies only to the month of January.

The legislature, however, reminded the government of the need to drop its spending by at least 1% per annum of the GDP, as stated in its policy statement.

Kataeb leader Samy Gemayel voiced objection to the ratified draft law which would lead to massive, unaccounted spending.

He also objected to a draft law allowing the government to borrow money by issuing Eurobonds worth $4.8 billion in order to cover the cost of Lebanon's debt servicing.

Source: Kataeb.org