President Michel Aoun warned on Friday that Lebanon was “bankrupt”, which therefore demands the need to “control finances and combat corruption.”
The president made his warning while receiving at the presidential palace Maronite Patriarch Beshara al-Rahi.
“Those who will be elected to parliament should know they are not coming for a stroll, but they should assume the responsibility of a country that is in danger,” Rahi said.
Lebanon will hold parliamentary elections on May 6.
Aoun and Rahi held a closed-door meeting that tackled latest local developments, as well as the situation of the educational sector and its institutions.
The Patriarch called on the Lebanese to work together to provide the country with political, security, social and economic stability.
Aoun’s statements were the first direct warning of their kind on the economic situation in Lebanon.
He voiced his concern ahead of the Cedar 1 international donor conference that will be held in Paris on April 6.
The meeting is aimed at providing Lebanon with financial support to strengthen the implementation of crucial reforms through investment projects and soft loans.
Potential donor countries have urged the Lebanese government to introduce reforms and fight corruption to curb the deficit before aid is delivered in the form of long-term loans.
Last week, Lebanon’s cabinet ratified the 2018 budget and will now pass it to parliament for approval.
Economic expert Walid Abu Suleiman told Asharq Al-Awsat that the government already sent a positive message to the international community by sending the budget for parliament and announcing its decision to curb spending.
“However, there are still unavoidable expenses related to the deficit in the electricity sector and in paying salaries and wages,” he added.
Lebanon has one of the highest debt-to-GDP ratios in the world at about 150 percent.
