Minister of Economy to Al Arabiya: Lebanon spends one billion dollars annually on social services

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Lebanese Minister of Economy and Trade, Amer Bsat, said that the energy shock, especially oil derivatives, greatly affected the consumer and investor in Lebanon.

He added in an interview with Al Arabiya Business that the savings of the Lebanese have been depleted in addition to the decline in remittances from expatriates.

He continued: “We previously estimated the economy to contract between 6% and 7%, but there are risks that the number will be higher now.”

He explained that financial reforms are continuing, such as the Gap Law, in addition to infrastructure reforms. There are new priorities that have emerged, which are managing the recent crisis and absorbing the effects of the recession on society.

He added that Lebanon spends one billion dollars annually on social services, including financial aid.

He pointed out that Lebanon's ports may become the new line for imports, electricity and oil for Arab countries.