Lebanon’s parliament approved late on Thursday the 2018 government budget, only the second since 2005.
With a projected slightly reduced deficit of $4.8 billion, the budget was approved days before a French-sponsored donor conference to support the country.
The $4.8 billion deficit is a notch lower than the $5 billion that Lebanon, the world's third most-indebted country, approved last year when it adopted its first budget in 12 years.
The first draft for this year's budget projected a $6.7 billion deficit, or three times the amount in 2011, the year neighboring Syria broke out into conflict, sending more than one million refugees into flight to Lebanon.
Parliament voted the budget early to set the conditions for the Cedre (or Cedar) Conference, also known as Paris IV, scheduled to take place in the French capital on April 6.
The donor meeting will be attended by senior officials from several Arab and European countries as well as from key global and regional financial institutions.
Lebanon hopes to raise "between 6 and 7 billion dollars in the shape of credit facilities and funds", Nadim Munla, an adviser to Prime Minister Saad Hariri, told AFP.
Lebanon's growth rate has plummeted from 9% in 2010 to an average of 1.1% over the past three years, and similar donor conferences were held in 2001, 2002 and 2007.
They did not yield all the pledged assistance, however, as Lebanon failed to comply with promised reforms.
Earlier this month, Hariri had said: "Our problem today is that growth in the country has reached 1.5 percent, which is not enough compared to the challenges that Lebanon is facing, whether economically or in the issue of the Syrian refugees, which affects job opportunities in the country. The Cedar conference is expected to contribute in providing many job opportunities for the Lebanese youth.”
“If we achieve all the projects that we plan in various areas, a large amount of funds will be injected in the country, which will help all industrial and productive sectors,” he added.
