MONGABAY.COM
Mongabay.com seeks to raise interest in and appreciation of wild lands and wildlife, while examining the impact of emerging trends in climate, technology, economics, and finance on conservation and development (more)
WEEKLY NEWSLETTER
|
|
Lebanon
Index
Before the early 1900s, Lebanon generally had a balance of
payments surplus. After that, however, the balance of payments
situation fluctuated considerably. In 1983 the Central Bank
reported a deficit of US$933 million; a year later, the deficit was
set at about US$1.4 billion. But in 1985 there was an overall
current account surplus of US$381 million as Central Bank foreign
assets rose and the government purchased fewer weapons. Progress
was not maintained, however; by the end of May 1986, the Central
Bank estimated a US$407 million deficit, comprising a US$583
million Central Bank shortfall and a US$176 million surplus at the
commercial banks. Central Bank governor Edmond Naim complained that
the shortfall was caused by pressure from the government to finance
runaway public expenditure and a failure to do anything about the
state's withering revenue base.
Public debt soared as the government's formal revenues sources-
-taxes and customs receipts--dried up. In 1984 the government spent
about US$1.6 billion more than it obtained in revenues. The deficit
had to be financed by borrowing US$840 million from the Central
Bank and by selling treasury bonds. In 1985 the situation
deteriorated even further, and by August the Chamber of Deputies
approved a budget based on US$611 million in government revenues.
However, state revenues that year amounted to only US$224 million.
The principal reason for the deficit was the persistent failure to
secure receipts from customs duties. Public debt reached US$931
million by the end of 1986, and by the end of March 1987 it totaled
US$883 million.
Data as of December 1987
Business in Beirut, in one form or another, managed
to continue throughout years of civil strife
Courtesy Mokhless Al-Hariri/The Georgetown Design Group, Inc.
Balance of Payments
Before the early 1900s, Lebanon generally had a balance of
payments surplus. After that, however, the balance of payments
situation fluctuated considerably. In 1983 the Central Bank
reported a deficit of US$933 million; a year later, the deficit was
set at about US$1.4 billion. But in 1985 there was an overall
current account surplus of US$381 million as Central Bank foreign
assets rose and the government purchased fewer weapons. Progress
was not maintained, however; by the end of May 1986, the Central
Bank estimated a US$407 million deficit, comprising a US$583
million Central Bank shortfall and a US$176 million surplus at the
commercial banks. Central Bank governor Edmond Naim complained that
the shortfall was caused by pressure from the government to finance
runaway public expenditure and a failure to do anything about the
state's withering revenue base.
Public debt soared as the government's formal revenues sources-
-taxes and customs receipts--dried up. In 1984 the government spent
about US$1.6 billion more than it obtained in revenues. The deficit
had to be financed by borrowing US$840 million from the Central
Bank and by selling treasury bonds. In 1985 the situation
deteriorated even further, and by August the Chamber of Deputies
approved a budget based on US$611 million in government revenues.
However, state revenues that year amounted to only US$224 million.
The principal reason for the deficit was the persistent failure to
secure receipts from customs duties. Public debt reached US$931
million by the end of 1986, and by the end of March 1987 it totaled
US$883 million.
Data as of December 1987
|
|