Abstract
This 2007 Article IV Consultation highlights that economic developments in Lebanon in 2006 were significantly affected by the July–August conflict with Israel. Real GDP is estimated to have been flat, with strong growth in the first half of the year offset by the disruptions during and after the conflict. Inflation increased, mainly reflecting supply shortages during the conflict and the ensuing blockade. Executive Directors have welcomed the authorities’ success in containing the primary fiscal deficit in the first half of 2007.
I. Introduction
1. The Lebanese authorities presented an ambitious five-year reform program to donors at the Paris III conference in January 2007. The program aims at raising growth, improving living standards, and reducing Lebanon’s large debt overhang and financial vulnerabilities, taking account of the special challenges created by the conflict with Israel in July-August 2006. A number of reforms were developed in close consultation with the Fund (Box 1), and, on April 9, 2007, the Executive Board approved the authorities’ request for EPCA in support of their 2007 program.
Implementation of Past Fund Advice
Since the Paris II conference of 2003, Fund advice has focused on the implementation of the authorities’ medium-term strategy of fiscal adjustment, privatization, and structural reforms. The pace of reform and fiscal adjustment has fallen short of the initial plans and of Fund recommendations because of political instability and insufficient domestic consensus on the reform agenda. The conflict between Hezbollah and Israel in 2006 caused a further setback and led to the authorities’ decision to delay most adjustment measures until 2008.
In developing their reform strategy, the authorities have, to a large extent, relied on Fund advice. Most of the tax policy and administration measures, as well as the public financial management reforms, embedded in the revised strategy presented by the authorities at the Paris III conference were developed in close consultation with staff, and have benefited from extensive Fund technical assistance. The Fund has supported the authorities’ view that the exchange rate peg remains key to financial stability.
2. Even with the strong fiscal adjustment envisaged for 2008-12, Lebanon will continue to be highly vulnerable to swings in investor confidence, and the level of public debt will remain high for years to come. Against this background, discussions for the Article IV consultation stepped back from the immediate program context and focused on: (i) making the reform strategy more resilient to inherent risks and potential shocks; (ii) reforms in the monetary policy framework and banking sector; and (iii) policies for 2007 and 2008 to support the authorities’ medium-term objectives.
II. Background and Recent Developments
3. Economic developments in 2006 were significantly affected by the conflict with Israel (Tables 1–10).1 Real GDP is estimated to have been flat in 2006, with strong growth in the first half offsetting the disruptions created by the conflict (Figure 1). accelerated in July-August, largely reflecting supply shortages during the conflict and the ensuing blockade. Financial pressures were managed effectively owing to the banking system’s strong liquidity position. Immediately after the conflict, donors pledged $1.7 billion for relief and recovery (mostly at the Stockholm conference in August 2006), and disbursements in 2006 roughly offset the immediate fiscal costs of the conflict (Text Table 1). Nonetheless, the overall fiscal deficit increased in 2006 because of rising interest expenditures and higher than expected transfers to the power company, Electricité du Liban (EdL). Government debt rose to over $40 billion (178 percent of GDP) at end-2006.
Lebanon: Selected Economic Indicators, 2003–12
Defined as cash in circulation plus resident and non-resident deposits.
Short-term debt on a remaining maturity basis.
Lebanon: Selected Economic Indicators, 2003–12
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Act. | Prel. Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||
| Output and prices | (Annual percentage change) | |||||||||||
| Real GDP (market price) | 4.1 | 7.4 | 1.0 | 0.0 | 2.0 | 3.5 | 4.5 | 5.0 | 5.0 | 5.0 | ||
| Consumer prices (end-of- period) | 2.2 | 2.0 | 0.5 | 7.2 | 2.0 | 3.0 | 2.0 | 3.5 | 2.0 | 2.0 | ||
| Consumer prices (period average) | 1.3 | 1.7 | -0.7 | 5.6 | 3.5 | 2.5 | 2.5 | 2.8 | 2.8 | 2.0 | ||
| Investment and saving | (In percent of GDP) | |||||||||||
| Gross capital formation | 19.3 | 22.0 | 17.0 | 11.4 | 17.6 | 17.1 | 18.7 | 20.1 | 21.3 | 21.4 | ||
| Government | 3.1 | 3.3 | 2.2 | 2.5 | 4.9 | 3.0 | 2.8 | 2.9 | 2.9 | 2.9 | ||
| Nongovernment | 16.2 | 18.8 | 14.8 | 8.9 | 12.7 | 14.1 | 15.9 | 17.2 | 18.4 | 18.5 | ||
| Gross national savings | 6.1 | 6.5 | 3.4 | 5.2 | 7.0 | 7.7 | 9.2 | 12.1 | 15.5 | 15.9 | ||
| Government | -10.2 | -5.4 | -6.3 | -8.6 | -7.3 | -6.1 | -5.3 | -2.1 | -0.8 | -0.1 | ||
| Nongovernment | 16.3 | 11.9 | 9.6 | 13.8 | 14.3 | 13.8 | 14.5 | 14.2 | 16.4 | 15.9 | ||
| Public finances | (In percent of GDP) | |||||||||||
| Revenue (including grants) | 22.1 | 23.1 | 22.8 | 24.8 | 26.5 | 25.9 | 22.0 | 23.2 | 23.4 | 23.3 | ||
| Expenditure | 35.4 | 31.8 | 31.2 | 35.9 | 38.7 | 35.1 | 30.1 | 28.2 | 27.1 | 26.3 | ||
| Budget balance (including grants) | -13.3 | -8.6 | -8.4 | -11.1 | -12.2 | -9.1 | -8.1 | -5.0 | -3.8 | -3.0 | ||
| Primary balance (including grants) | 3.3 | 3.5 | 2.1 | 1.7 | 0.1 | 2.6 | 1.8 | 4.4 | 5.2 | 5.6 | ||
| Total government debt | 169 | 167 | 179 | 178 | 173 | 143 | 142 | 138 | 133 | 127 | ||
| Monetary sector | (Annual percentage change, unless otherwise indicated) | |||||||||||
| Credit to the private sector | 0.3 | 5.2 | 1.9 | 6.0 | 6.3 | 24.0 | 6.0 | 6.0 | 6.0 | 6.0 | ||
| Base money | 12.3 | 10.3 | 4.7 | 8.2 | 5.9 | 5.1 | 5.1 | 5.1 | 5.1 | 5.0 | ||
| Broad money 1/ | 15.5 | 12.3 | 3.5 | 6.4 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | ||
| Velocity of broad money (level) | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | ||
| Interest rates (period average, in percent) | ||||||||||||
| Three-month treasury bill rate | 6.7 | 5.2 | 5.2 | 5.2 | … | … | … | … | … | … | ||
| Two-year treasury bill rate | 8.0 | 7.9 | 8.5 | 8.7 | 8.7 | 8.5 | 8.2 | 7.8 | 7.6 | 7.4 | ||
| External sector | (In percent of GDP, unless otherwise indicated) | |||||||||||
| Exports of goods (in US$, percentage change) | 43.2 | 18.3 | 11.1 | 22.5 | 14.8 | 13.2 | 11.8 | 11.8 | 11.6 | 10.3 | ||
| Imports of goods (in US$, percentage change) | 10.4 | 30.3 | -1.2 | 1.8 | 17.3 | 7.4 | 6.0 | 5.9 | 5.1 | 8.7 | ||
| Merchandise trade balance | -24.2 | -30.1 | -28.4 | -25.3 | -28.4 | -28.2 | -27.3 | -26.1 | -24.7 | -24.8 | ||
| Current account excluding official transfers | -13.9 | -16.0 | -14.2 | -7.4 | -13.0 | -12.0 | -10.5 | -8.5 | -6.3 | -5.9 | ||
| Current account including official transfers | -13.2 | -15.5 | -13.6 | -6.2 | -10.6 | -9.4 | -9.4 | -8.0 | -5.8 | -5.5 | ||
| Foreign direct investment | 8.7 | 10.9 | 12.2 | 12.0 | 9.6 | 24.7 | 9.1 | 8.9 | 8.7 | 8.5 | ||
| Total external debt | 175 | 187 | 190 | 198 | 195 | 186 | 176 | 168 | 161 | 152 | ||
| Gross reserves (in millions of U.S. dollars) | 10,271 | 9,575 | 9,611 | 11,353 | 11,121 | 12,347 | 10,920 | 10,963 | 11,574 | 11,897 | ||
| In months of next year imports of goods and services | 8.1 | 7.7 | 7.2 | 7.6 | 6.9 | 7.2 | 6.0 | 5.7 | 5.5 | 5.7 | ||
| In percent of short-term external debt 2/ | 35.6 | 27.1 | 28.5 | 32.1 | 31.0 | 34.0 | 29.9 | 29.1 | 29.5 | 30.8 | ||
| In percent of banking system foreign currency deposits | 40.3 | 31.9 | 29.0 | 30.1 | 27.9 | 29.9 | 26.0 | 24.9 | 25.5 | 25.4 | ||
| In percent of total banking system deposits | 24.8 | 21.0 | 20.1 | 21.9 | 20.3 | 21.5 | 18.1 | 17.3 | 17.4 | 17.0 | ||
| Memorandum items: | ||||||||||||
| Nominal GDP (in billions of U.S. dollars) | 19.8 | 21.5 | 21.5 | 22.7 | 24.0 | 25.3 | 27.0 | 28.9 | 31.0 | 33.2 | ||
| Net imports of petroleum products (in millions of U.S. dollars) | -1,057 | -1,833 | -2,082 | -2,172 | -2,094 | -2,310 | -2,404 | -2,515 | -2,620 | -2,729 | ||
| Local currency per U.S. dollar (period average) | 1,508 | 1,508 | 1,508 | 1,508 | … | … | … | … | … | … | ||
| Real effective exchange rate change) | ||||||||||||
| (annual average, percent change) | -10.7 | -6.8 | -4.1 | 2.2 | … | … | … | … | … | … | ||
| Stock market index | 457 | 637 | 1,309 | 1,184 | … | … | … | … | … | … | ||
Defined as cash in circulation plus resident and non-resident deposits.
Short-term debt on a remaining maturity basis.
Lebanon: Selected Economic Indicators, 2003–12
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Act. | Prel. Act. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||
| Output and prices | (Annual percentage change) | |||||||||||
| Real GDP (market price) | 4.1 | 7.4 | 1.0 | 0.0 | 2.0 | 3.5 | 4.5 | 5.0 | 5.0 | 5.0 | ||
| Consumer prices (end-of- period) | 2.2 | 2.0 | 0.5 | 7.2 | 2.0 | 3.0 | 2.0 | 3.5 | 2.0 | 2.0 | ||
| Consumer prices (period average) | 1.3 | 1.7 | -0.7 | 5.6 | 3.5 | 2.5 | 2.5 | 2.8 | 2.8 | 2.0 | ||
| Investment and saving | (In percent of GDP) | |||||||||||
| Gross capital formation | 19.3 | 22.0 | 17.0 | 11.4 | 17.6 | 17.1 | 18.7 | 20.1 | 21.3 | 21.4 | ||
| Government | 3.1 | 3.3 | 2.2 | 2.5 | 4.9 | 3.0 | 2.8 | 2.9 | 2.9 | 2.9 | ||
| Nongovernment | 16.2 | 18.8 | 14.8 | 8.9 | 12.7 | 14.1 | 15.9 | 17.2 | 18.4 | 18.5 | ||
| Gross national savings | 6.1 | 6.5 | 3.4 | 5.2 | 7.0 | 7.7 | 9.2 | 12.1 | 15.5 | 15.9 | ||
| Government | -10.2 | -5.4 | -6.3 | -8.6 | -7.3 | -6.1 | -5.3 | -2.1 | -0.8 | -0.1 | ||
| Nongovernment | 16.3 | 11.9 | 9.6 | 13.8 | 14.3 | 13.8 | 14.5 | 14.2 | 16.4 | 15.9 | ||
| Public finances | (In percent of GDP) | |||||||||||
| Revenue (including grants) | 22.1 | 23.1 | 22.8 | 24.8 | 26.5 | 25.9 | 22.0 | 23.2 | 23.4 | 23.3 | ||
| Expenditure | 35.4 | 31.8 | 31.2 | 35.9 | 38.7 | 35.1 | 30.1 | 28.2 | 27.1 | 26.3 | ||
| Budget balance (including grants) | -13.3 | -8.6 | -8.4 | -11.1 | -12.2 | -9.1 | -8.1 | -5.0 | -3.8 | -3.0 | ||
| Primary balance (including grants) | 3.3 | 3.5 | 2.1 | 1.7 | 0.1 | 2.6 | 1.8 | 4.4 | 5.2 | 5.6 | ||
| Total government debt | 169 | 167 | 179 | 178 | 173 | 143 | 142 | 138 | 133 | 127 | ||
| Monetary sector | (Annual percentage change, unless otherwise indicated) | |||||||||||
| Credit to the private sector | 0.3 | 5.2 | 1.9 | 6.0 | 6.3 | 24.0 | 6.0 | 6.0 | 6.0 | 6.0 | ||
| Base money | 12.3 | 10.3 | 4.7 | 8.2 | 5.9 | 5.1 | 5.1 | 5.1 | 5.1 | 5.0 | ||
| Broad money 1/ | 15.5 | 12.3 | 3.5 | 6.4 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | ||
| Velocity of broad money (level) | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | ||
| Interest rates (period average, in percent) | ||||||||||||
| Three-month treasury bill rate | 6.7 | 5.2 | 5.2 | 5.2 | … | … | … | … | … | … | ||
| Two-year treasury bill rate | 8.0 | 7.9 | 8.5 | 8.7 | 8.7 | 8.5 | 8.2 | 7.8 | 7.6 | 7.4 | ||
| External sector | (In percent of GDP, unless otherwise indicated) | |||||||||||
| Exports of goods (in US$, percentage change) | 43.2 | 18.3 | 11.1 | 22.5 | 14.8 | 13.2 | 11.8 | 11.8 | 11.6 | 10.3 | ||
| Imports of goods (in US$, percentage change) | 10.4 | 30.3 | -1.2 | 1.8 | 17.3 | 7.4 | 6.0 | 5.9 | 5.1 | 8.7 | ||
| Merchandise trade balance | -24.2 | -30.1 | -28.4 | -25.3 | -28.4 | -28.2 | -27.3 | -26.1 | -24.7 | -24.8 | ||
| Current account excluding official transfers | -13.9 | -16.0 | -14.2 | -7.4 | -13.0 | -12.0 | -10.5 | -8.5 | -6.3 | -5.9 | ||
| Current account including official transfers | -13.2 | -15.5 | -13.6 | -6.2 | -10.6 | -9.4 | -9.4 | -8.0 | -5.8 | -5.5 | ||
| Foreign direct investment | 8.7 | 10.9 | 12.2 | 12.0 | 9.6 | 24.7 | 9.1 | 8.9 | 8.7 | 8.5 | ||
| Total external debt | 175 | 187 | 190 | 198 | 195 | 186 | 176 | 168 | 161 | 152 | ||
| Gross reserves (in millions of U.S. dollars) | 10,271 | 9,575 | 9,611 | 11,353 | 11,121 | 12,347 | 10,920 | 10,963 | 11,574 | 11,897 | ||
| In months of next year imports of goods and services | 8.1 | 7.7 | 7.2 | 7.6 | 6.9 | 7.2 | 6.0 | 5.7 | 5.5 | 5.7 | ||
| In percent of short-term external debt 2/ | 35.6 | 27.1 | 28.5 | 32.1 | 31.0 | 34.0 | 29.9 | 29.1 | 29.5 | 30.8 | ||
| In percent of banking system foreign currency deposits | 40.3 | 31.9 | 29.0 | 30.1 | 27.9 | 29.9 | 26.0 | 24.9 | 25.5 | 25.4 | ||
| In percent of total banking system deposits | 24.8 | 21.0 | 20.1 | 21.9 | 20.3 | 21.5 | 18.1 | 17.3 | 17.4 | 17.0 | ||
| Memorandum items: | ||||||||||||
| Nominal GDP (in billions of U.S. dollars) | 19.8 | 21.5 | 21.5 | 22.7 | 24.0 | 25.3 | 27.0 | 28.9 | 31.0 | 33.2 | ||
| Net imports of petroleum products (in millions of U.S. dollars) | -1,057 | -1,833 | -2,082 | -2,172 | -2,094 | -2,310 | -2,404 | -2,515 | -2,620 | -2,729 | ||
| Local currency per U.S. dollar (period average) | 1,508 | 1,508 | 1,508 | 1,508 | … | … | … | … | … | … | ||
| Real effective exchange rate change) | ||||||||||||
| (annual average, percent change) | -10.7 | -6.8 | -4.1 | 2.2 | … | … | … | … | … | … | ||
| Stock market index | 457 | 637 | 1,309 | 1,184 | … | … | … | … | … | … | ||
Defined as cash in circulation plus resident and non-resident deposits.
Short-term debt on a remaining maturity basis.
Lebanon: Central Government Primary Balance, 2003–08
(In billions of Lebanese pounds)
Domestic excises, which are collected at customs, are classified as taxes on international trade.
On checks issued basis.
Excludes principal and interest payments paid on behalf of EdL.
From 2005 onward includes additional transfers to the social security funds (NSSF) to clear the stock of arrears.
Includes (i) $275 million for telecom settlements (2006 and 2007); and (ii) $500 million to the Council of the South and the Displaced Fund (2007 to 2009).
The budgetary cost of the 2006 conflict is estimated to at $1.48 billion.
Includes transfers to municipalities.
Lebanon: Central Government Primary Balance, 2003–08
(In billions of Lebanese pounds)
| 2007 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | Q1 | Year | 2008 | |||||||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | |||||||||
| Act. | Act. | Act. | Act. | Report 07/177 | Prel Act | Report 07/177 | Proj. | Proj. | |||||||
| Primary balance | 975 | 1,129 | 680 | 578 | -575 | -98 | -1 | 27 | 979 | ||||||
| Revenue and grants | 6,597 | 7,485 | 7,405 | 8,486 | 1,763 | 2,155 | 9,534 | 9,591 | 9,895 | ||||||
| Revenue | 6,597 | 7,485 | 7,405 | 7,490 | 1,763 | 2,153 | 8,218 | 8,273 | 8,931 | ||||||
| Tax revenue | 4,527 | 5,169 | 4,867 | 4,922 | 1,175 | 1,353 | 5,394 | 5,374 | 6,414 | ||||||
| Taxes on income and profits | 783 | 908 | 1,047 | 1,166 | 281 | 273 | 1,236 | 1,233 | 1,408 | ||||||
| Taxes on property | 321 | 405 | 414 | 579 | 106 | 125 | 441 | 441 | 522 | ||||||
| Taxes on domestic goods and services | 1,560 | 1,971 | 1,896 | 1,844 | 430 | 547 | 1,996 | 2,023 | 2,618 | ||||||
| Of which: VAT revenues | 1,386 | 1,763 | 1,693 | 1,659 | 389 | 499 | 1,802 | 1,830 | 2,385 | ||||||
| Taxes on international trade 1/ | 1,645 | 1,617 | 1,268 | 1,074 | 300 | 344 | 1,450 | 1,406 | 1,580 | ||||||
| Tariffs | 475 | 530 | 481 | 461 | 109 | 131 | 493 | 493 | 520 | ||||||
| Excises | 1,170 | 1,087 | 787 | 613 | 191 | 213 | 957 | 913 | 1,060 | ||||||
| Other taxes | 217 | 268 | 241 | 259 | 59 | 64 | 271 | 271 | 286 | ||||||
| Nontax revenue | 2,070 | 2,316 | 2,538 | 2,568 | 588 | 800 | 2,824 | 2,899 | 2,517 | ||||||
| Entrepreneurial and property income | 1,252 | 1,420 | 1,663 | 1,702 | 393 | 559 | 1,914 | 1,984 | 1,417 | ||||||
| Profit transfer from BdL | 0 | 0 | 0 | 0 | 0 | 113 | 113 | 113 | 0 | ||||||
| Other | 1,252 | 1,420 | 1,662 | 1,702 | 393 | 446 | 1,801 | 1,872 | 1,417 | ||||||
| Administrative fees and charges | 383 | 365 | 365 | 426 | 90 | 97 | 393 | 393 | 415 | ||||||
| Other nontax revenue | 81 | 93 | 89 | 91 | 23 | 20 | 92 | 92 | 231 | ||||||
| Fines and forfeits | 6 | 5 | 4 | 4 | 1 | 1 | 4 | 4 | 4 | ||||||
| Other | 75 | 88 | 85 | 87 | 22 | 19 | 88 | 88 | 227 | ||||||
| Other treasury revenue | 354 | 439 | 421 | 349 | 82 | 124 | 425 | 429 | 454 | ||||||
| Grants | 0 | 0 | 0 | 996 | 0 | 2 | 1,316 | 1,318 | 964 | ||||||
| Primary expenditure 2/ | 5,622 | 6,356 | 6,725 | 7,908 | 2,338 | 2,253 | 9,535 | 9,564 | 8,916 | ||||||
| Current primary expenditure | 4,708 | 5,304 | 6,025 | 7,051 | 2,008 | 1,943 | 7,770 | 7,799 | 7,754 | ||||||
| Wages, salaries and pensions | 3,078 | 3,094 | 3,193 | 3,307 | 856 | 914 | 3,529 | 3,529 | 3,677 | ||||||
| Wages and salaries | 2,234 | 2,284 | 2,329 | 2,386 | 643 | 682 | 2,568 | 2,568 | 2,632 | ||||||
| Pensions | 844 | 810 | 864 | 927 | 213 | 232 | 961 | 961 | 1,044 | ||||||
| Transfers to EDL 3/ | 174 | 184 | 637 | 1,137 | 315 | 310 | 1,450 | 1,430 | 1,206 | ||||||
| Other current | 1,456 | 2,026 | 2,195 | 2,607 | 837 | 719 | 2,790 | 2,840 | 2,871 | ||||||
| Materials and supplies | 120 | 116 | 213 | 140 | 68 | 47 | 195 | 182 | 187 | ||||||
| External services | 81 | 113 | 82 | 87 | 21 | 24 | 90 | 90 | 92 | ||||||
| Transfers 4/5/ | 271 | 360 | 655 | 878 | 419 | 334 | 819 | 887 | 853 | ||||||
| Of which: NSSF | … | 89 | 290 | 200 | 230 | 230 | 230 | 230 | 230 | ||||||
| Other | 440 | 452 | 377 | 507 | 176 | 154 | 814 | 808 | 829 | ||||||
| Of which: “Housing compensations” 6/ | … | … | … | 136 | 60 | 80 | 452 | 452 | 465 | ||||||
| Other treasury outflows 7/ | 544 | 985 | 868 | 995 | 153 | 160 | 872 | 872 | 909 | ||||||
| Capital expenditure | 914 | 1,052 | 700 | 857 | 331 | 310 | 1,765 | 1,765 | 1,162 | ||||||
| Domestically financed | 713 | 817 | 534 | 446 | 116 | 131 | 490 | 490 | 586 | ||||||
| Foreign financed | 201 | 235 | 166 | 411 | 215 | 179 | 1,275 | 1,275 | 576 | ||||||
| Of which: conflict reconstruction 6/ | … | … | … | 111 | 120 | 99 | 895 | 895 | 95 | ||||||
| Memorandum items: | |||||||||||||||
| Underlying primary balance (excl. conflict impact) | 975 | 1,129 | 680 | -73 | -395 | 116 | 30 | 56 | 575 | ||||||
| Total conflict-related budgetary spending | … | … | … | 345 | 180 | 216 | 1,347 | 1,347 | 560 | ||||||
| Primary balance excluding grants | 975 | 1,129 | 680 | -418 | -575 | -100 | -1,317 | -1,291 | 15 | ||||||
Domestic excises, which are collected at customs, are classified as taxes on international trade.
On checks issued basis.
Excludes principal and interest payments paid on behalf of EdL.
From 2005 onward includes additional transfers to the social security funds (NSSF) to clear the stock of arrears.
Includes (i) $275 million for telecom settlements (2006 and 2007); and (ii) $500 million to the Council of the South and the Displaced Fund (2007 to 2009).
The budgetary cost of the 2006 conflict is estimated to at $1.48 billion.
Includes transfers to municipalities.
Lebanon: Central Government Primary Balance, 2003–08
(In billions of Lebanese pounds)
| 2007 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | Q1 | Year | 2008 | |||||||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | |||||||||
| Act. | Act. | Act. | Act. | Report 07/177 | Prel Act | Report 07/177 | Proj. | Proj. | |||||||
| Primary balance | 975 | 1,129 | 680 | 578 | -575 | -98 | -1 | 27 | 979 | ||||||
| Revenue and grants | 6,597 | 7,485 | 7,405 | 8,486 | 1,763 | 2,155 | 9,534 | 9,591 | 9,895 | ||||||
| Revenue | 6,597 | 7,485 | 7,405 | 7,490 | 1,763 | 2,153 | 8,218 | 8,273 | 8,931 | ||||||
| Tax revenue | 4,527 | 5,169 | 4,867 | 4,922 | 1,175 | 1,353 | 5,394 | 5,374 | 6,414 | ||||||
| Taxes on income and profits | 783 | 908 | 1,047 | 1,166 | 281 | 273 | 1,236 | 1,233 | 1,408 | ||||||
| Taxes on property | 321 | 405 | 414 | 579 | 106 | 125 | 441 | 441 | 522 | ||||||
| Taxes on domestic goods and services | 1,560 | 1,971 | 1,896 | 1,844 | 430 | 547 | 1,996 | 2,023 | 2,618 | ||||||
| Of which: VAT revenues | 1,386 | 1,763 | 1,693 | 1,659 | 389 | 499 | 1,802 | 1,830 | 2,385 | ||||||
| Taxes on international trade 1/ | 1,645 | 1,617 | 1,268 | 1,074 | 300 | 344 | 1,450 | 1,406 | 1,580 | ||||||
| Tariffs | 475 | 530 | 481 | 461 | 109 | 131 | 493 | 493 | 520 | ||||||
| Excises | 1,170 | 1,087 | 787 | 613 | 191 | 213 | 957 | 913 | 1,060 | ||||||
| Other taxes | 217 | 268 | 241 | 259 | 59 | 64 | 271 | 271 | 286 | ||||||
| Nontax revenue | 2,070 | 2,316 | 2,538 | 2,568 | 588 | 800 | 2,824 | 2,899 | 2,517 | ||||||
| Entrepreneurial and property income | 1,252 | 1,420 | 1,663 | 1,702 | 393 | 559 | 1,914 | 1,984 | 1,417 | ||||||
| Profit transfer from BdL | 0 | 0 | 0 | 0 | 0 | 113 | 113 | 113 | 0 | ||||||
| Other | 1,252 | 1,420 | 1,662 | 1,702 | 393 | 446 | 1,801 | 1,872 | 1,417 | ||||||
| Administrative fees and charges | 383 | 365 | 365 | 426 | 90 | 97 | 393 | 393 | 415 | ||||||
| Other nontax revenue | 81 | 93 | 89 | 91 | 23 | 20 | 92 | 92 | 231 | ||||||
| Fines and forfeits | 6 | 5 | 4 | 4 | 1 | 1 | 4 | 4 | 4 | ||||||
| Other | 75 | 88 | 85 | 87 | 22 | 19 | 88 | 88 | 227 | ||||||
| Other treasury revenue | 354 | 439 | 421 | 349 | 82 | 124 | 425 | 429 | 454 | ||||||
| Grants | 0 | 0 | 0 | 996 | 0 | 2 | 1,316 | 1,318 | 964 | ||||||
| Primary expenditure 2/ | 5,622 | 6,356 | 6,725 | 7,908 | 2,338 | 2,253 | 9,535 | 9,564 | 8,916 | ||||||
| Current primary expenditure | 4,708 | 5,304 | 6,025 | 7,051 | 2,008 | 1,943 | 7,770 | 7,799 | 7,754 | ||||||
| Wages, salaries and pensions | 3,078 | 3,094 | 3,193 | 3,307 | 856 | 914 | 3,529 | 3,529 | 3,677 | ||||||
| Wages and salaries | 2,234 | 2,284 | 2,329 | 2,386 | 643 | 682 | 2,568 | 2,568 | 2,632 | ||||||
| Pensions | 844 | 810 | 864 | 927 | 213 | 232 | 961 | 961 | 1,044 | ||||||
| Transfers to EDL 3/ | 174 | 184 | 637 | 1,137 | 315 | 310 | 1,450 | 1,430 | 1,206 | ||||||
| Other current | 1,456 | 2,026 | 2,195 | 2,607 | 837 | 719 | 2,790 | 2,840 | 2,871 | ||||||
| Materials and supplies | 120 | 116 | 213 | 140 | 68 | 47 | 195 | 182 | 187 | ||||||
| External services | 81 | 113 | 82 | 87 | 21 | 24 | 90 | 90 | 92 | ||||||
| Transfers 4/5/ | 271 | 360 | 655 | 878 | 419 | 334 | 819 | 887 | 853 | ||||||
| Of which: NSSF | … | 89 | 290 | 200 | 230 | 230 | 230 | 230 | 230 | ||||||
| Other | 440 | 452 | 377 | 507 | 176 | 154 | 814 | 808 | 829 | ||||||
| Of which: “Housing compensations” 6/ | … | … | … | 136 | 60 | 80 | 452 | 452 | 465 | ||||||
| Other treasury outflows 7/ | 544 | 985 | 868 | 995 | 153 | 160 | 872 | 872 | 909 | ||||||
| Capital expenditure | 914 | 1,052 | 700 | 857 | 331 | 310 | 1,765 | 1,765 | 1,162 | ||||||
| Domestically financed | 713 | 817 | 534 | 446 | 116 | 131 | 490 | 490 | 586 | ||||||
| Foreign financed | 201 | 235 | 166 | 411 | 215 | 179 | 1,275 | 1,275 | 576 | ||||||
| Of which: conflict reconstruction 6/ | … | … | … | 111 | 120 | 99 | 895 | 895 | 95 | ||||||
| Memorandum items: | |||||||||||||||
| Underlying primary balance (excl. conflict impact) | 975 | 1,129 | 680 | -73 | -395 | 116 | 30 | 56 | 575 | ||||||
| Total conflict-related budgetary spending | … | … | … | 345 | 180 | 216 | 1,347 | 1,347 | 560 | ||||||
| Primary balance excluding grants | 975 | 1,129 | 680 | -418 | -575 | -100 | -1,317 | -1,291 | 15 | ||||||
Domestic excises, which are collected at customs, are classified as taxes on international trade.
On checks issued basis.
Excludes principal and interest payments paid on behalf of EdL.
From 2005 onward includes additional transfers to the social security funds (NSSF) to clear the stock of arrears.
Includes (i) $275 million for telecom settlements (2006 and 2007); and (ii) $500 million to the Council of the South and the Displaced Fund (2007 to 2009).
The budgetary cost of the 2006 conflict is estimated to at $1.48 billion.
Includes transfers to municipalities.
Lebanon: Central Government Primary Balance, 2003–08
(In percent of GDP)
Domestic excises, which are collected at customs, are classified as taxes on international trade.
On checks issued basis.
Excludes principal and interest payments paid on behalf of EdL.
From 2005 onward includes additional transfers to the social security funds (NSSF) to clear the stock of arrears.
Includes (i) $275 million for telecom settlements (2006 and 2007); and (ii) $500 million to the Council of the South and the Displaced Fund (2007 to 2009).
The budgetary cost of the 2006 conflict is estimated to at $1.48 billion.
Includes transfers to municipalities.
Lebanon: Central Government Primary Balance, 2003–08
(In percent of GDP)
| 2007 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | Q1 | Year | 2008 | ||||||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | ||||||||
| Act. | Act. | Act. | Act. | Report 07/177 | Prel Act | Report 07/177 | Proj. | Proj. | ||||||
| Primary balance | 3.3 | 3.5 | 2.1 | 1.7 | -1.6 | -0.3 | 0.0 | 0.1 | 2.6 | |||||
| Revenue and grants | 22.1 | 23.1 | 22.8 | 24.8 | 4.9 | 6.0 | 26.7 | 26.5 | 25.9 | |||||
| Revenue | 22.1 | 23.1 | 22.8 | 21.9 | 4.9 | 6.0 | 23.1 | 22.9 | 23.4 | |||||
| Tax revenue | 15.2 | 16.0 | 15.0 | 14.4 | 3.3 | 3.7 | 15.1 | 14.9 | 16.8 | |||||
| Taxes on income and profits | 2.6 | 2.8 | 3.2 | 3.4 | 0.8 | 0.8 | 3.5 | 3.4 | 3.7 | |||||
| Taxes on property | 1.1 | 1.3 | 1.3 | 1.7 | 0.3 | 0.3 | 1.2 | 1.2 | 1.4 | |||||
| Taxes on domestic goods and services | 5.2 | 6.1 | 5.8 | 5.4 | 1.2 | 1.5 | 5.6 | 5.6 | 6.9 | |||||
| Of which: VAT revenues | 4.6 | 5.4 | 5.2 | 4.8 | 1.1 | 1.4 | 5.1 | 5.1 | 6.2 | |||||
| Taxes on international trade 1/ | 5.5 | 5.0 | 3.9 | 3.1 | 0.8 | 1.0 | 4.1 | 3.9 | 4.1 | |||||
| Tariffs | 1.6 | 1.6 | 1.5 | 1.3 | 0.3 | 0.4 | 1.4 | 1.4 | 1.4 | |||||
| Excises | 3.9 | 3.4 | 2.4 | 1.8 | 0.5 | 0.6 | 2.7 | 2.5 | 2.8 | |||||
| Other taxes | 0.7 | 0.8 | 0.7 | 0.8 | 0.2 | 0.2 | 0.8 | 0.7 | 0.7 | |||||
| Nontax revenue | 6.9 | 7.2 | 7.8 | 7.5 | 1.6 | 2.2 | 7.9 | 8.0 | 6.6 | |||||
| Entrepreneurial and property income | 4.2 | 4.4 | 5.1 | 5.0 | 1.1 | 1.5 | 5.4 | 5.5 | 3.7 | |||||
| Administrative fees and charges | 1.3 | 1.1 | 1.1 | 1.2 | 0.3 | 0.3 | 1.1 | 1.1 | 1.1 | |||||
| Other nontax revenue | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0.3 | 0.3 | 0.6 | |||||
| Other treasury revenue | 1.2 | 1.4 | 1.3 | 1.0 | 0.2 | 0.3 | 1.2 | 1.2 | 1.2 | |||||
| Grants | 0.0 | 0.0 | 0.0 | 2.9 | 0.0 | 0.0 | 3.7 | 3.6 | 2.5 | |||||
| Primary expenditure 2/ | 18.8 | 19.6 | 20.7 | 23.1 | 6.6 | 6.2 | 26.7 | 26.4 | 23.3 | |||||
| Current primary expenditure | 15.8 | 16.4 | 18.6 | 20.6 | 5.6 | 5.4 | 21.8 | 21.6 | 20.3 | |||||
| Wages, salaries and pensions | 10.3 | 9.6 | 9.8 | 9.7 | 2.4 | 2.5 | 9.9 | 9.8 | 9.6 | |||||
| Wages and salaries | 7.5 | 7.1 | 7.2 | 7.0 | 1.8 | 1.9 | 7.2 | 7.1 | 6.9 | |||||
| Pensions | 2.8 | 2.5 | 2.7 | 2.7 | 0.6 | 0.6 | 2.7 | 2.7 | 2.7 | |||||
| Transfers to EDL 3/ | 0.6 | 0.6 | 2.0 | 3.3 | 0.9 | 0.9 | 4.1 | 4.0 | 3.2 | |||||
| Other current | 4.9 | 6.3 | 6.8 | 7.6 | 2.3 | 2.0 | 7.8 | 7.9 | 7.5 | |||||
| Materials and supplies | 0.4 | 0.4 | 0.7 | 0.4 | 0.2 | 0.1 | 0.5 | 0.5 | 0.5 | |||||
| External services | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0.3 | 0.2 | 0.2 | |||||
| Transfers 4/5/ | 0.9 | 1.1 | 2.0 | 2.6 | 1.2 | 0.9 | 2.3 | 2.5 | 2.2 | |||||
| Of which: NSSF | … | 0.3 | 0.9 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |||||
| Other | 1.5 | 1.4 | 1.2 | 1.5 | 0.5 | 0.4 | 2.3 | 2.2 | 2.2 | |||||
| Of which: “Housing compensations” 6/ | … | … | … | 0.4 | 0.2 | 0.2 | 1.3 | 1.3 | 1.2 | |||||
| Other treasury outflows 7/ | 1.8 | 3.0 | 2.7 | 2.9 | 0.4 | 0.4 | 2.4 | 2.4 | 2.4 | |||||
| Capital expenditure | 3.1 | 3.3 | 2.2 | 2.5 | 0.9 | 0.9 | 5.0 | 4.9 | 3.0 | |||||
| Domestically financed | 2.4 | 2.5 | 1.6 | 1.3 | 0.3 | 0.4 | 1.4 | 1.4 | 1.5 | |||||
| Foreign financed | 0.7 | 0.7 | 0.5 | 1.2 | 0.6 | 0.5 | 3.6 | 3.5 | 1.5 | |||||
| Of which: conflict reconstruction 6/ | … | … | … | 0.3 | 0.3 | 0.3 | 2.5 | 2.5 | 0.2 | |||||
| Memorandum items: | ||||||||||||||
| Underlying primary balance (excl. conflict impact) | 3.3 | 3.5 | 2.1 | -0.2 | -1.1 | 0.3 | 0.1 | 0.2 | 1.5 | |||||
| Total conflict-related budgetary spending | … | … | … | 1.0 | 0.5 | 0.6 | 3.8 | 3.7 | 1.5 | |||||
| Primary balance excluding grants | 3.3 | 3.5 | 2.1 | -1.2 | -1.6 | -0.3 | -3.7 | -3.6 | 0.0 | |||||
Domestic excises, which are collected at customs, are classified as taxes on international trade.
On checks issued basis.
Excludes principal and interest payments paid on behalf of EdL.
From 2005 onward includes additional transfers to the social security funds (NSSF) to clear the stock of arrears.
Includes (i) $275 million for telecom settlements (2006 and 2007); and (ii) $500 million to the Council of the South and the Displaced Fund (2007 to 2009).
The budgetary cost of the 2006 conflict is estimated to at $1.48 billion.
Includes transfers to municipalities.
Lebanon: Central Government Primary Balance, 2003–08
(In percent of GDP)
| 2007 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | Q1 | Year | 2008 | ||||||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | ||||||||
| Act. | Act. | Act. | Act. | Report 07/177 | Prel Act | Report 07/177 | Proj. | Proj. | ||||||
| Primary balance | 3.3 | 3.5 | 2.1 | 1.7 | -1.6 | -0.3 | 0.0 | 0.1 | 2.6 | |||||
| Revenue and grants | 22.1 | 23.1 | 22.8 | 24.8 | 4.9 | 6.0 | 26.7 | 26.5 | 25.9 | |||||
| Revenue | 22.1 | 23.1 | 22.8 | 21.9 | 4.9 | 6.0 | 23.1 | 22.9 | 23.4 | |||||
| Tax revenue | 15.2 | 16.0 | 15.0 | 14.4 | 3.3 | 3.7 | 15.1 | 14.9 | 16.8 | |||||
| Taxes on income and profits | 2.6 | 2.8 | 3.2 | 3.4 | 0.8 | 0.8 | 3.5 | 3.4 | 3.7 | |||||
| Taxes on property | 1.1 | 1.3 | 1.3 | 1.7 | 0.3 | 0.3 | 1.2 | 1.2 | 1.4 | |||||
| Taxes on domestic goods and services | 5.2 | 6.1 | 5.8 | 5.4 | 1.2 | 1.5 | 5.6 | 5.6 | 6.9 | |||||
| Of which: VAT revenues | 4.6 | 5.4 | 5.2 | 4.8 | 1.1 | 1.4 | 5.1 | 5.1 | 6.2 | |||||
| Taxes on international trade 1/ | 5.5 | 5.0 | 3.9 | 3.1 | 0.8 | 1.0 | 4.1 | 3.9 | 4.1 | |||||
| Tariffs | 1.6 | 1.6 | 1.5 | 1.3 | 0.3 | 0.4 | 1.4 | 1.4 | 1.4 | |||||
| Excises | 3.9 | 3.4 | 2.4 | 1.8 | 0.5 | 0.6 | 2.7 | 2.5 | 2.8 | |||||
| Other taxes | 0.7 | 0.8 | 0.7 | 0.8 | 0.2 | 0.2 | 0.8 | 0.7 | 0.7 | |||||
| Nontax revenue | 6.9 | 7.2 | 7.8 | 7.5 | 1.6 | 2.2 | 7.9 | 8.0 | 6.6 | |||||
| Entrepreneurial and property income | 4.2 | 4.4 | 5.1 | 5.0 | 1.1 | 1.5 | 5.4 | 5.5 | 3.7 | |||||
| Administrative fees and charges | 1.3 | 1.1 | 1.1 | 1.2 | 0.3 | 0.3 | 1.1 | 1.1 | 1.1 | |||||
| Other nontax revenue | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0.3 | 0.3 | 0.6 | |||||
| Other treasury revenue | 1.2 | 1.4 | 1.3 | 1.0 | 0.2 | 0.3 | 1.2 | 1.2 | 1.2 | |||||
| Grants | 0.0 | 0.0 | 0.0 | 2.9 | 0.0 | 0.0 | 3.7 | 3.6 | 2.5 | |||||
| Primary expenditure 2/ | 18.8 | 19.6 | 20.7 | 23.1 | 6.6 | 6.2 | 26.7 | 26.4 | 23.3 | |||||
| Current primary expenditure | 15.8 | 16.4 | 18.6 | 20.6 | 5.6 | 5.4 | 21.8 | 21.6 | 20.3 | |||||
| Wages, salaries and pensions | 10.3 | 9.6 | 9.8 | 9.7 | 2.4 | 2.5 | 9.9 | 9.8 | 9.6 | |||||
| Wages and salaries | 7.5 | 7.1 | 7.2 | 7.0 | 1.8 | 1.9 | 7.2 | 7.1 | 6.9 | |||||
| Pensions | 2.8 | 2.5 | 2.7 | 2.7 | 0.6 | 0.6 | 2.7 | 2.7 | 2.7 | |||||
| Transfers to EDL 3/ | 0.6 | 0.6 | 2.0 | 3.3 | 0.9 | 0.9 | 4.1 | 4.0 | 3.2 | |||||
| Other current | 4.9 | 6.3 | 6.8 | 7.6 | 2.3 | 2.0 | 7.8 | 7.9 | 7.5 | |||||
| Materials and supplies | 0.4 | 0.4 | 0.7 | 0.4 | 0.2 | 0.1 | 0.5 | 0.5 | 0.5 | |||||
| External services | 0.3 | 0.3 | 0.3 | 0.3 | 0.1 | 0.1 | 0.3 | 0.2 | 0.2 | |||||
| Transfers 4/5/ | 0.9 | 1.1 | 2.0 | 2.6 | 1.2 | 0.9 | 2.3 | 2.5 | 2.2 | |||||
| Of which: NSSF | … | 0.3 | 0.9 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |||||
| Other | 1.5 | 1.4 | 1.2 | 1.5 | 0.5 | 0.4 | 2.3 | 2.2 | 2.2 | |||||
| Of which: “Housing compensations” 6/ | … | … | … | 0.4 | 0.2 | 0.2 | 1.3 | 1.3 | 1.2 | |||||
| Other treasury outflows 7/ | 1.8 | 3.0 | 2.7 | 2.9 | 0.4 | 0.4 | 2.4 | 2.4 | 2.4 | |||||
| Capital expenditure | 3.1 | 3.3 | 2.2 | 2.5 | 0.9 | 0.9 | 5.0 | 4.9 | 3.0 | |||||
| Domestically financed | 2.4 | 2.5 | 1.6 | 1.3 | 0.3 | 0.4 | 1.4 | 1.4 | 1.5 | |||||
| Foreign financed | 0.7 | 0.7 | 0.5 | 1.2 | 0.6 | 0.5 | 3.6 | 3.5 | 1.5 | |||||
| Of which: conflict reconstruction 6/ | … | … | … | 0.3 | 0.3 | 0.3 | 2.5 | 2.5 | 0.2 | |||||
| Memorandum items: | ||||||||||||||
| Underlying primary balance (excl. conflict impact) | 3.3 | 3.5 | 2.1 | -0.2 | -1.1 | 0.3 | 0.1 | 0.2 | 1.5 | |||||
| Total conflict-related budgetary spending | … | … | … | 1.0 | 0.5 | 0.6 | 3.8 | 3.7 | 1.5 | |||||
| Primary balance excluding grants | 3.3 | 3.5 | 2.1 | -1.2 | -1.6 | -0.3 | -3.7 | -3.6 | 0.0 | |||||
Domestic excises, which are collected at customs, are classified as taxes on international trade.
On checks issued basis.
Excludes principal and interest payments paid on behalf of EdL.
From 2005 onward includes additional transfers to the social security funds (NSSF) to clear the stock of arrears.
Includes (i) $275 million for telecom settlements (2006 and 2007); and (ii) $500 million to the Council of the South and the Displaced Fund (2007 to 2009).
The budgetary cost of the 2006 conflict is estimated to at $1.48 billion.
Includes transfers to municipalities.
Lebanon: Government Expenditure by Function, 2002–06 1/
Includes treasury and foreign-financed capital expenditure by the Council for Reconstruction and Development.
Includes subsidies on diesel oil and interest, and transfers to municipalities.
Lebanon: Government Expenditure by Function, 2002–06 1/
| 2002 | 2003 | 2004 | 2005 | 2006 | |||
|---|---|---|---|---|---|---|---|
| (In billions of Lebanese pounds) | |||||||
| Total expenditure | 9,778 | 10,564 | 10,278 | 10,135 | 12,289 | ||
| General public services | 1,190 | 1,229 | 1,313 | 1,407 | 1,335 | ||
| Defense | 879 | 877 | 866 | 888 | 1,005 | ||
| Public order and safety | 352 | 368 | 354 | 381 | 427 | ||
| Education | 721 | 785 | 795 | 902 | 835 | ||
| Health | 240 | 346 | 315 | 287 | 321 | ||
| Social security and welfare | 169 | 201 | 165 | 156 | 194 | ||
| Housing | 54 | 79 | 62 | 50 | 47 | ||
| Recreation, culture, and religious affairs | 55 | 52 | 85 | 72 | 52 | ||
| Economic affairs and services | 1,095 | 1,275 | 1,596 | 1,742 | 2,590 | ||
| Fuel and energy | 306 | 413 | 494 | 839 | 1,371 | ||
| Agriculture, forestry, and fishing | 29 | 28 | 36 | 28 | 23 | ||
| Mining, manufacturing, and construction | 4 | 11 | 10 | 5 | 3 | ||
| Transportation and communication | 210 | 217 | 178 | 123 | 395 | ||
| Other economic affairs and services | 546 | 606 | 879 | 747 | 798 | ||
| Interest payments | 4,712 | 4,942 | 3,921 | 3,410 | 4,381 | ||
| Unclassified treasury expenditure 2/ | 310 | 412 | 806 | 840 | 1,103 | ||
| (In percent of GDP) | |||||||
| Total expenditure | 34.7 | 35.4 | 31.8 | 31.2 | 35.9 | ||
| General public services | 4.2 | 4.1 | 4.4 | 4.3 | 3.9 | ||
| Defense | 3.1 | 2.9 | 2.9 | 2.7 | 2.9 | ||
| Public order and safety | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | ||
| Education | 2.6 | 2.6 | 2.7 | 2.8 | 2.4 | ||
| Health | 0.9 | 1.2 | 1.1 | 0.9 | 0.9 | ||
| Social security and welfare | 0.6 | 0.7 | 0.6 | 0.5 | 0.6 | ||
| Housing | 0.2 | 0.3 | 0.2 | 0.2 | 0.1 | ||
| Recreation, culture, and religious affairs | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | ||
| Economic affairs and services | 3.9 | 4.3 | 5.3 | 5.4 | 7.6 | ||
| Fuel and energy | 1.1 | 1.4 | 1.7 | 2.6 | 4.0 | ||
| Agriculture, forestry, and fishing | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||
| Mining, manufacturing, and construction | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Transportation and communication | 0.7 | 0.7 | 0.6 | 0.4 | 1.2 | ||
| Other economic affairs and services | 1.9 | 2.0 | 2.9 | 2.3 | 2.3 | ||
| Interest payments | 16.7 | 16.6 | 13.1 | 10.5 | 12.8 | ||
| Unclassified treasury expenditure 2/ | 1.1 | 1.4 | 2.7 | 2.6 | 3.2 | ||
| Memorandum item: | |||||||
| GDP (in billions of Lebanese pounds) | 28,216 | 29,851 | 32,357 | 32,446 | 34,253 | ||
Includes treasury and foreign-financed capital expenditure by the Council for Reconstruction and Development.
Includes subsidies on diesel oil and interest, and transfers to municipalities.
Lebanon: Government Expenditure by Function, 2002–06 1/
| 2002 | 2003 | 2004 | 2005 | 2006 | |||
|---|---|---|---|---|---|---|---|
| (In billions of Lebanese pounds) | |||||||
| Total expenditure | 9,778 | 10,564 | 10,278 | 10,135 | 12,289 | ||
| General public services | 1,190 | 1,229 | 1,313 | 1,407 | 1,335 | ||
| Defense | 879 | 877 | 866 | 888 | 1,005 | ||
| Public order and safety | 352 | 368 | 354 | 381 | 427 | ||
| Education | 721 | 785 | 795 | 902 | 835 | ||
| Health | 240 | 346 | 315 | 287 | 321 | ||
| Social security and welfare | 169 | 201 | 165 | 156 | 194 | ||
| Housing | 54 | 79 | 62 | 50 | 47 | ||
| Recreation, culture, and religious affairs | 55 | 52 | 85 | 72 | 52 | ||
| Economic affairs and services | 1,095 | 1,275 | 1,596 | 1,742 | 2,590 | ||
| Fuel and energy | 306 | 413 | 494 | 839 | 1,371 | ||
| Agriculture, forestry, and fishing | 29 | 28 | 36 | 28 | 23 | ||
| Mining, manufacturing, and construction | 4 | 11 | 10 | 5 | 3 | ||
| Transportation and communication | 210 | 217 | 178 | 123 | 395 | ||
| Other economic affairs and services | 546 | 606 | 879 | 747 | 798 | ||
| Interest payments | 4,712 | 4,942 | 3,921 | 3,410 | 4,381 | ||
| Unclassified treasury expenditure 2/ | 310 | 412 | 806 | 840 | 1,103 | ||
| (In percent of GDP) | |||||||
| Total expenditure | 34.7 | 35.4 | 31.8 | 31.2 | 35.9 | ||
| General public services | 4.2 | 4.1 | 4.4 | 4.3 | 3.9 | ||
| Defense | 3.1 | 2.9 | 2.9 | 2.7 | 2.9 | ||
| Public order and safety | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | ||
| Education | 2.6 | 2.6 | 2.7 | 2.8 | 2.4 | ||
| Health | 0.9 | 1.2 | 1.1 | 0.9 | 0.9 | ||
| Social security and welfare | 0.6 | 0.7 | 0.6 | 0.5 | 0.6 | ||
| Housing | 0.2 | 0.3 | 0.2 | 0.2 | 0.1 | ||
| Recreation, culture, and religious affairs | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | ||
| Economic affairs and services | 3.9 | 4.3 | 5.3 | 5.4 | 7.6 | ||
| Fuel and energy | 1.1 | 1.4 | 1.7 | 2.6 | 4.0 | ||
| Agriculture, forestry, and fishing | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||
| Mining, manufacturing, and construction | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Transportation and communication | 0.7 | 0.7 | 0.6 | 0.4 | 1.2 | ||
| Other economic affairs and services | 1.9 | 2.0 | 2.9 | 2.3 | 2.3 | ||
| Interest payments | 16.7 | 16.6 | 13.1 | 10.5 | 12.8 | ||
| Unclassified treasury expenditure 2/ | 1.1 | 1.4 | 2.7 | 2.6 | 3.2 | ||
| Memorandum item: | |||||||
| GDP (in billions of Lebanese pounds) | 28,216 | 29,851 | 32,357 | 32,446 | 34,253 | ||
Includes treasury and foreign-financed capital expenditure by the Council for Reconstruction and Development.
Includes subsidies on diesel oil and interest, and transfers to municipalities.
Lebanon: Overall Fiscal Deficit and Financing, 2003–08
Figures in 2003 are affected by the role played by the Banque du Liban (BdL) in the debt exchange with banks that tends to increase BdL financing and decrease commercial bank financing of the government.
Debt cancellation and Banque du Liban revaluation of gold and foreign exchange.
Lebanon: Overall Fiscal Deficit and Financing, 2003–08
| 2007 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | Q1 | Year | 2008 | |||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | |||||
| Act. | Act. | Act. | Act. | Report 07/177 | Est. | Report 07/177 | Proj. | Proj. | |||
| (In billions of Lebanese pounds) | |||||||||||
| Primary balance | 975 | 1,129 | 680 | 578 | -575 | -98 | -1 | 27 | 979 | ||
| Interest bill | 4,942 | 3,921 | 3,410 | 4,381 | 1,071 | 1,077 | 4,408 | 4,424 | 4,471 | ||
| Overall balance (checks-issued basis) | -3,968 | -2,793 | -2,730 | -3,803 | -1,646 | -1,175 | -4,409 | -4,398 | -3,492 | ||
| Float and statistical discrepancy | 125 | 346 | 86 | -148 | … | 287 | … | … | … | ||
| Overall balance (cash basis) | -4,093 | -3,139 | -2,816 | -3,655 | -1,646 | -1,462 | -4,409 | -4,398 | -3,492 | ||
| Net financing | 4,093 | 3,139 | 2,816 | 3,655 | 1,646 | 1,462 | 4,409 | 4,398 | 3,492 | ||
| Banking system | 3,555 | 4,268 | 3,189 | 1,904 | 1,481 | 416 | -793 | -2,075 | -8,560 | ||
| Banque du Liban 1/ | 8,779 | 654 | 602 | -2,342 | 905 | 1,005 | -2,162 | -2,280 | -3,061 | ||
| Commercial banks 1/ | -5,224 | 3,614 | 2,587 | 4,247 | 576 | -589 | 1,369 | 205 | -5,500 | ||
| Government institutions | -605 | -352 | 245 | 835 | 61 | 775 | 348 | 1,740 | 372 | ||
| Other creditors | -1,375 | -1,163 | -465 | 1,067 | 105 | 345 | -216 | 24 | -761 | ||
| Net change in arrears | 0 | 0 | -419 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Exceptional financing | 2,999 | 601 | -133 | 39 | 0 | -49 | 5,070 | 4,732 | 12,441 | ||
| Privatization | -280 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11,743 | ||
| Bilateral and multilateral | 3,279 | 84 | -133 | 39 | 0 | -49 | 2,690 | 2,352 | 698 | ||
| Other 2/ | 0 | 517 | 0 | 0 | 0 | 0 | 2,380 | 2,380 | 0 | ||
| Valuation adjustment | -480 | -215 | 399 | -190 | 0 | -24 | 0 | -24 | 0 | ||
| (In percent of GDP) | |||||||||||
| Primary balance | 3.3 | 3.5 | 2.1 | 1.7 | -1.6 | -0.3 | 0.0 | 0.1 | 2.6 | ||
| Interest bill | 16.6 | 12.1 | 10.5 | 12.8 | 3.0 | 3.0 | 12.3 | 12.2 | 11.7 | ||
| Overall balance (checks-issued basis) | -13.3 | -8.6 | -8.4 | -11.1 | -4.6 | -3.2 | -12.3 | -12.2 | -9.1 | ||
| Float and statistical discrepancy | 0.4 | 1.1 | 0.3 | -0.4 | … | 0.8 | … | … | … | ||
| Overall balance (cash basis) | -13.7 | -9.7 | -8.7 | -10.7 | -4.6 | -4.0 | -12.3 | -12.2 | -9.1 | ||
| Net financing | 13.7 | 9.7 | 8.7 | 10.7 | 4.6 | 4.0 | 12.3 | 12.2 | 9.1 | ||
| Banking system | 11.9 | 13.2 | 9.8 | 5.6 | 4.1 | 1.1 | -2.2 | -5.7 | -22.4 | ||
| Banque du Liban 1/ | 29.4 | 2.0 | 1.9 | -6.8 | 2.5 | 2.8 | -6.0 | -6.3 | -8.0 | ||
| Commercial banks 1/ | -17.5 | 11.2 | 8.0 | 12.4 | 1.6 | -1.6 | 3.8 | 0.6 | -14.4 | ||
| Government institutions | -2.0 | -1.1 | 0.8 | 2.4 | 0.2 | 2.1 | 1.0 | 4.8 | 1.0 | ||
| Other creditors | -4.6 | -3.6 | -1.4 | 3.1 | 0.3 | 1.0 | -0.6 | 0.1 | -2.0 | ||
| Net change in arrears | 0.0 | 0.0 | -1.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Exceptional financing | 10.0 | 1.9 | -0.4 | 0.1 | 0.0 | -0.1 | 14.2 | 13.1 | 32.6 | ||
| Privatization | -0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30.8 | ||
| Bilateral and multilateral | 11.0 | 0.3 | -0.4 | 0.1 | 0.0 | -0.1 | 7.5 | 6.5 | 1.8 | ||
| Other 2/ | 0.0 | 1.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6 | 6.6 | 0.0 | ||
| Valuation adjustment | -1.6 | -0.7 | 1.2 | -0.6 | 0.0 | -0.1 | 0.0 | -0.1 | 0.0 | ||
| Memorandum item: | (In billions of Lebanese pounds) | ||||||||||
| Nominal GDP (annual) | 29,851 | 32,357 | 32,446 | 34,253 | 35,805 | 36,173 | 35,805 | 36,173 | 38,188 | ||
Figures in 2003 are affected by the role played by the Banque du Liban (BdL) in the debt exchange with banks that tends to increase BdL financing and decrease commercial bank financing of the government.
Debt cancellation and Banque du Liban revaluation of gold and foreign exchange.
Lebanon: Overall Fiscal Deficit and Financing, 2003–08
| 2007 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | Q1 | Year | 2008 | |||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | |||||
| Act. | Act. | Act. | Act. | Report 07/177 | Est. | Report 07/177 | Proj. | Proj. | |||
| (In billions of Lebanese pounds) | |||||||||||
| Primary balance | 975 | 1,129 | 680 | 578 | -575 | -98 | -1 | 27 | 979 | ||
| Interest bill | 4,942 | 3,921 | 3,410 | 4,381 | 1,071 | 1,077 | 4,408 | 4,424 | 4,471 | ||
| Overall balance (checks-issued basis) | -3,968 | -2,793 | -2,730 | -3,803 | -1,646 | -1,175 | -4,409 | -4,398 | -3,492 | ||
| Float and statistical discrepancy | 125 | 346 | 86 | -148 | … | 287 | … | … | … | ||
| Overall balance (cash basis) | -4,093 | -3,139 | -2,816 | -3,655 | -1,646 | -1,462 | -4,409 | -4,398 | -3,492 | ||
| Net financing | 4,093 | 3,139 | 2,816 | 3,655 | 1,646 | 1,462 | 4,409 | 4,398 | 3,492 | ||
| Banking system | 3,555 | 4,268 | 3,189 | 1,904 | 1,481 | 416 | -793 | -2,075 | -8,560 | ||
| Banque du Liban 1/ | 8,779 | 654 | 602 | -2,342 | 905 | 1,005 | -2,162 | -2,280 | -3,061 | ||
| Commercial banks 1/ | -5,224 | 3,614 | 2,587 | 4,247 | 576 | -589 | 1,369 | 205 | -5,500 | ||
| Government institutions | -605 | -352 | 245 | 835 | 61 | 775 | 348 | 1,740 | 372 | ||
| Other creditors | -1,375 | -1,163 | -465 | 1,067 | 105 | 345 | -216 | 24 | -761 | ||
| Net change in arrears | 0 | 0 | -419 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Exceptional financing | 2,999 | 601 | -133 | 39 | 0 | -49 | 5,070 | 4,732 | 12,441 | ||
| Privatization | -280 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11,743 | ||
| Bilateral and multilateral | 3,279 | 84 | -133 | 39 | 0 | -49 | 2,690 | 2,352 | 698 | ||
| Other 2/ | 0 | 517 | 0 | 0 | 0 | 0 | 2,380 | 2,380 | 0 | ||
| Valuation adjustment | -480 | -215 | 399 | -190 | 0 | -24 | 0 | -24 | 0 | ||
| (In percent of GDP) | |||||||||||
| Primary balance | 3.3 | 3.5 | 2.1 | 1.7 | -1.6 | -0.3 | 0.0 | 0.1 | 2.6 | ||
| Interest bill | 16.6 | 12.1 | 10.5 | 12.8 | 3.0 | 3.0 | 12.3 | 12.2 | 11.7 | ||
| Overall balance (checks-issued basis) | -13.3 | -8.6 | -8.4 | -11.1 | -4.6 | -3.2 | -12.3 | -12.2 | -9.1 | ||
| Float and statistical discrepancy | 0.4 | 1.1 | 0.3 | -0.4 | … | 0.8 | … | … | … | ||
| Overall balance (cash basis) | -13.7 | -9.7 | -8.7 | -10.7 | -4.6 | -4.0 | -12.3 | -12.2 | -9.1 | ||
| Net financing | 13.7 | 9.7 | 8.7 | 10.7 | 4.6 | 4.0 | 12.3 | 12.2 | 9.1 | ||
| Banking system | 11.9 | 13.2 | 9.8 | 5.6 | 4.1 | 1.1 | -2.2 | -5.7 | -22.4 | ||
| Banque du Liban 1/ | 29.4 | 2.0 | 1.9 | -6.8 | 2.5 | 2.8 | -6.0 | -6.3 | -8.0 | ||
| Commercial banks 1/ | -17.5 | 11.2 | 8.0 | 12.4 | 1.6 | -1.6 | 3.8 | 0.6 | -14.4 | ||
| Government institutions | -2.0 | -1.1 | 0.8 | 2.4 | 0.2 | 2.1 | 1.0 | 4.8 | 1.0 | ||
| Other creditors | -4.6 | -3.6 | -1.4 | 3.1 | 0.3 | 1.0 | -0.6 | 0.1 | -2.0 | ||
| Net change in arrears | 0.0 | 0.0 | -1.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Exceptional financing | 10.0 | 1.9 | -0.4 | 0.1 | 0.0 | -0.1 | 14.2 | 13.1 | 32.6 | ||
| Privatization | -0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30.8 | ||
| Bilateral and multilateral | 11.0 | 0.3 | -0.4 | 0.1 | 0.0 | -0.1 | 7.5 | 6.5 | 1.8 | ||
| Other 2/ | 0.0 | 1.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6 | 6.6 | 0.0 | ||
| Valuation adjustment | -1.6 | -0.7 | 1.2 | -0.6 | 0.0 | -0.1 | 0.0 | -0.1 | 0.0 | ||
| Memorandum item: | (In billions of Lebanese pounds) | ||||||||||
| Nominal GDP (annual) | 29,851 | 32,357 | 32,446 | 34,253 | 35,805 | 36,173 | 35,805 | 36,173 | 38,188 | ||
Figures in 2003 are affected by the role played by the Banque du Liban (BdL) in the debt exchange with banks that tends to increase BdL financing and decrease commercial bank financing of the government.
Debt cancellation and Banque du Liban revaluation of gold and foreign exchange.
Lebanon: Government Debt, 2003–12 1/
Includes all debt contracted by the treasury on behalf of the central government and public agencies other than the Banque du Liban; accrued interest; and Banque du Liban lending to Electricite du Liban. Excludes government arrears to the private sector.
Defined as gross debt less central government deposits.
Denominated in domestic currency; mainly to the National Social Security Fund, and the National Deposit Insurance Fund.
Lebanon: Government Debt, 2003–12 1/
| 2007 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | March | December | 2008 | 2009 | 2010 | 2011 | 2012 | ||||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | Year | Year | Year | Year | ||||||
| Act. | Act. | Act. | Act. | Report 07/177 | Est. | Report 07/17 | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | ||||
| (In millions of U.S. dollars) | ||||||||||||||||
| Net debt 2/ | 32,838 | 34,719 | 36,700 | 39,452 | 40,544 | 40,389 | 40,799 | 40,757 | 35,284 | 37,458 | 38,908 | 40,072 | 41,064 | |||
| Gross debt by currency | 33,381 | 35,875 | 38,465 | 40,464 | 41,358 | 41,232 | 41,612 | 41,600 | 36,160 | 38,368 | 39,851 | 41,048 | 42,073 | |||
| Domestic currency debt | 17,806 | 17,493 | 19,331 | 20,036 | 20,379 | 20,787 | 19,587 | 19,966 | 16,140 | 19,401 | 20,142 | 20,701 | 21,209 | |||
| Foreign currency debt | 15,575 | 18,382 | 19,135 | 20,428 | 20,979 | 20,445 | 22,025 | 21,634 | 20,021 | 18,966 | 19,709 | 20,346 | 20,864 | |||
| Of which: Eurobonds (including Paris II) | 13,007 | 15,709 | 16,413 | 17,540 | 18,172 | 17,633 | 17,571 | 17,367 | 15,090 | 13,843 | 14,506 | 15,084 | 15,704 | |||
| Gross debt by holder | 33,381 | 35,875 | 38,483 | 40,405 | 41,358 | 41,232 | 41,612 | 41,600 | 36,160 | 38,368 | 39,851 | 41,048 | 42,073 | |||
| Debt to Banque du Liban | 7,937 | 9,052 | 10,106 | 7,785 | 8,186 | 8,269 | 6,152 | 6,090 | 4,093 | 3,538 | 3,234 | 3,053 | 2,838 | |||
| Domestic currency | 5,929 | 7,066 | 7,752 | 6,360 | 6,786 | 6,967 | 4,839 | 4,906 | 2,961 | 2,712 | 2,486 | 2,442 | 2,278 | |||
| Foreign currency | 2,009 | 1,986 | 2,355 | 1,424 | 1,400 | 1,302 | 1,313 | 1,184 | 1,132 | 826 | 748 | 612 | 560 | |||
| Debt to commercial banks | 14,543 | 16,916 | 18,698 | 21,620 | 22,002 | 21,215 | 22,528 | 21,743 | 18,094 | 19,592 | 20,290 | 20,535 | 21,549 | |||
| Domestic currency | 8,161 | 8,105 | 9,373 | 10,937 | 10,813 | 10,525 | 11,777 | 11,125 | 8,997 | 12,178 | 12,729 | 12,890 | 13,085 | |||
| Foreign currency | 6,382 | 8,810 | 9,325 | 10,684 | 11,190 | 10,690 | 10,751 | 10,618 | 9,098 | 7,414 | 7,561 | 7,645 | 8,463 | |||
| Debt to public entities 3/ | 1,701 | 1,451 | 1,623 | 2,198 | 2,238 | 2,718 | 2,429 | 3,359 | 3,606 | 3,869 | 4,151 | 4,453 | 4,777 | |||
| Debt to non-bank sector | 9,200 | 8,457 | 8,056 | 8,803 | 8,931 | 9,029 | 10,503 | 10,409 | 10,367 | 11,369 | 12,175 | 13,006 | 12,909 | |||
| Domestic currency | 2,016 | 871 | 583 | 541 | 541 | 576 | 541 | 576 | 576 | 642 | 775 | 917 | 1,069 | |||
| Foreign currency | 7,184 | 7,586 | 7,473 | 8,261 | 8,390 | 8,453 | 9,962 | 9,833 | 9,791 | 10,727 | 11,401 | 12,089 | 11,841 | |||
| Central government deposits | 543 | 1,156 | 1,765 | 1,012 | 813 | 843 | 813 | 843 | 876 | 909 | 943 | 976 | 1,009 | |||
| (In percent of GDP) | ||||||||||||||||
| Net debt | 166 | 162 | 171 | 174 | 171 | 168 | 172 | 170 | 139 | 139 | 135 | 129 | 124 | |||
| Gross debt by currency | 169 | 167 | 179 | 178 | 174 | 172 | 175 | 173 | 143 | 142 | 138 | 133 | 127 | |||
| Domestic currency debt | 90 | 82 | 90 | 88 | 86 | 87 | 82 | 83 | 64 | 72 | 70 | 67 | 64 | |||
| Foreign currency debt | 79 | 86 | 89 | 90 | 88 | 85 | 93 | 90 | 79 | 70 | 68 | 66 | 63 | |||
| Gross debt by holder | 169 | 167 | 179 | 178 | 174 | 172 | 175 | 173 | 143 | 142 | 138 | 133 | 127 | |||
| Debt to Banque du Liban | 40 | 42 | 47 | 34 | 34 | 34 | 26 | 25 | 16 | 13 | 11 | 10 | 9 | |||
| Debt to commercial banks | 73 | 79 | 87 | 95 | 93 | 88 | 95 | 91 | 71 | 73 | 70 | 66 | 65 | |||
| Debt to public entities 3/ | 9 | 7 | 8 | 10 | 9 | 11 | 10 | 14 | 14 | 14 | 14 | 14 | 14 | |||
| Debt to non-bank sector | 46 | 39 | 37 | 39 | 38 | 38 | 44 | 43 | 41 | 42 | 42 | 42 | 39 | |||
| Central government deposits | 3 | 5 | 8 | 4 | 3 | 4 | 3 | 4 | 3 | 3 | 3 | 3 | 3 | |||
| Memorandum items: | (In millions of U.S. dollars, unless otherwise indicated) | |||||||||||||||
| Nominal GDP (annual) | 19,802 | 21,464 | 21,523 | 22,722 | 23,751 | 23,995 | 23,751 | 23,995 | 25,332 | 27,001 | 28,918 | 30,971 | 33,170 | |||
| Foreign currency debt in percent of gross debt | 46.7 | 51.2 | 49.7 | 50.5 | 50.7 | 49.6 | 52.9 | 52.0 | 55.4 | 49.4 | 49.5 | 49.6 | 49.6 | |||
Includes all debt contracted by the treasury on behalf of the central government and public agencies other than the Banque du Liban; accrued interest; and Banque du Liban lending to Electricite du Liban. Excludes government arrears to the private sector.
Defined as gross debt less central government deposits.
Denominated in domestic currency; mainly to the National Social Security Fund, and the National Deposit Insurance Fund.
Lebanon: Government Debt, 2003–12 1/
| 2007 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | March | December | 2008 | 2009 | 2010 | 2011 | 2012 | ||||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | Year | Year | Year | Year | ||||||
| Act. | Act. | Act. | Act. | Report 07/177 | Est. | Report 07/17 | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | ||||
| (In millions of U.S. dollars) | ||||||||||||||||
| Net debt 2/ | 32,838 | 34,719 | 36,700 | 39,452 | 40,544 | 40,389 | 40,799 | 40,757 | 35,284 | 37,458 | 38,908 | 40,072 | 41,064 | |||
| Gross debt by currency | 33,381 | 35,875 | 38,465 | 40,464 | 41,358 | 41,232 | 41,612 | 41,600 | 36,160 | 38,368 | 39,851 | 41,048 | 42,073 | |||
| Domestic currency debt | 17,806 | 17,493 | 19,331 | 20,036 | 20,379 | 20,787 | 19,587 | 19,966 | 16,140 | 19,401 | 20,142 | 20,701 | 21,209 | |||
| Foreign currency debt | 15,575 | 18,382 | 19,135 | 20,428 | 20,979 | 20,445 | 22,025 | 21,634 | 20,021 | 18,966 | 19,709 | 20,346 | 20,864 | |||
| Of which: Eurobonds (including Paris II) | 13,007 | 15,709 | 16,413 | 17,540 | 18,172 | 17,633 | 17,571 | 17,367 | 15,090 | 13,843 | 14,506 | 15,084 | 15,704 | |||
| Gross debt by holder | 33,381 | 35,875 | 38,483 | 40,405 | 41,358 | 41,232 | 41,612 | 41,600 | 36,160 | 38,368 | 39,851 | 41,048 | 42,073 | |||
| Debt to Banque du Liban | 7,937 | 9,052 | 10,106 | 7,785 | 8,186 | 8,269 | 6,152 | 6,090 | 4,093 | 3,538 | 3,234 | 3,053 | 2,838 | |||
| Domestic currency | 5,929 | 7,066 | 7,752 | 6,360 | 6,786 | 6,967 | 4,839 | 4,906 | 2,961 | 2,712 | 2,486 | 2,442 | 2,278 | |||
| Foreign currency | 2,009 | 1,986 | 2,355 | 1,424 | 1,400 | 1,302 | 1,313 | 1,184 | 1,132 | 826 | 748 | 612 | 560 | |||
| Debt to commercial banks | 14,543 | 16,916 | 18,698 | 21,620 | 22,002 | 21,215 | 22,528 | 21,743 | 18,094 | 19,592 | 20,290 | 20,535 | 21,549 | |||
| Domestic currency | 8,161 | 8,105 | 9,373 | 10,937 | 10,813 | 10,525 | 11,777 | 11,125 | 8,997 | 12,178 | 12,729 | 12,890 | 13,085 | |||
| Foreign currency | 6,382 | 8,810 | 9,325 | 10,684 | 11,190 | 10,690 | 10,751 | 10,618 | 9,098 | 7,414 | 7,561 | 7,645 | 8,463 | |||
| Debt to public entities 3/ | 1,701 | 1,451 | 1,623 | 2,198 | 2,238 | 2,718 | 2,429 | 3,359 | 3,606 | 3,869 | 4,151 | 4,453 | 4,777 | |||
| Debt to non-bank sector | 9,200 | 8,457 | 8,056 | 8,803 | 8,931 | 9,029 | 10,503 | 10,409 | 10,367 | 11,369 | 12,175 | 13,006 | 12,909 | |||
| Domestic currency | 2,016 | 871 | 583 | 541 | 541 | 576 | 541 | 576 | 576 | 642 | 775 | 917 | 1,069 | |||
| Foreign currency | 7,184 | 7,586 | 7,473 | 8,261 | 8,390 | 8,453 | 9,962 | 9,833 | 9,791 | 10,727 | 11,401 | 12,089 | 11,841 | |||
| Central government deposits | 543 | 1,156 | 1,765 | 1,012 | 813 | 843 | 813 | 843 | 876 | 909 | 943 | 976 | 1,009 | |||
| (In percent of GDP) | ||||||||||||||||
| Net debt | 166 | 162 | 171 | 174 | 171 | 168 | 172 | 170 | 139 | 139 | 135 | 129 | 124 | |||
| Gross debt by currency | 169 | 167 | 179 | 178 | 174 | 172 | 175 | 173 | 143 | 142 | 138 | 133 | 127 | |||
| Domestic currency debt | 90 | 82 | 90 | 88 | 86 | 87 | 82 | 83 | 64 | 72 | 70 | 67 | 64 | |||
| Foreign currency debt | 79 | 86 | 89 | 90 | 88 | 85 | 93 | 90 | 79 | 70 | 68 | 66 | 63 | |||
| Gross debt by holder | 169 | 167 | 179 | 178 | 174 | 172 | 175 | 173 | 143 | 142 | 138 | 133 | 127 | |||
| Debt to Banque du Liban | 40 | 42 | 47 | 34 | 34 | 34 | 26 | 25 | 16 | 13 | 11 | 10 | 9 | |||
| Debt to commercial banks | 73 | 79 | 87 | 95 | 93 | 88 | 95 | 91 | 71 | 73 | 70 | 66 | 65 | |||
| Debt to public entities 3/ | 9 | 7 | 8 | 10 | 9 | 11 | 10 | 14 | 14 | 14 | 14 | 14 | 14 | |||
| Debt to non-bank sector | 46 | 39 | 37 | 39 | 38 | 38 | 44 | 43 | 41 | 42 | 42 | 42 | 39 | |||
| Central government deposits | 3 | 5 | 8 | 4 | 3 | 4 | 3 | 4 | 3 | 3 | 3 | 3 | 3 | |||
| Memorandum items: | (In millions of U.S. dollars, unless otherwise indicated) | |||||||||||||||
| Nominal GDP (annual) | 19,802 | 21,464 | 21,523 | 22,722 | 23,751 | 23,995 | 23,751 | 23,995 | 25,332 | 27,001 | 28,918 | 30,971 | 33,170 | |||
| Foreign currency debt in percent of gross debt | 46.7 | 51.2 | 49.7 | 50.5 | 50.7 | 49.6 | 52.9 | 52.0 | 55.4 | 49.4 | 49.5 | 49.6 | 49.6 | |||
Includes all debt contracted by the treasury on behalf of the central government and public agencies other than the Banque du Liban; accrued interest; and Banque du Liban lending to Electricite du Liban. Excludes government arrears to the private sector.
Defined as gross debt less central government deposits.
Denominated in domestic currency; mainly to the National Social Security Fund, and the National Deposit Insurance Fund.
Lebanon: Monetary Survey, 2003–08
Broad money is taken to be M5 which is defined as M3 (currency + resident deposits) + non-resident deposits.
Lebanon: Monetary Survey, 2003–08
| 2007 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | March | December | 2008 | |||||||
| Year | Year | Year | Year | IMF Country | IMF Country | Year | |||||||
| Act. | Act. | Act. | Act. | Report 07/177 | Act. | Report 07/177 | Proj. | Proj. | |||||
| (Stocks in billions of Lebanese pounds) | |||||||||||||
| Net foreign assets | 33,509 | 36,803 | 37,832 | 43,594 | 41,460 | 43,224 | 43,181 | 46,578 | 52,753 | ||||
| Banque du Liban | 20,970 | 20,185 | 21,078 | 23,047 | 22,211 | 23,057 | 22,132 | 23,211 | 25,086 | ||||
| Commercial banks | 12,539 | 16,618 | 16,754 | 20,547 | 19,249 | 20,167 | 21,049 | 23,367 | 27,667 | ||||
| Net domestic assets | 42,848 | 48,930 | 50,888 | 50,784 | 52,446 | 51,530 | 54,529 | 52,504 | 51,284 | ||||
| Net claims on public sector | 30,670 | 34,029 | 36,891 | 38,619 | 40,100 | 39,403 | 37,826 | 36,544 | 27,984 | ||||