Lebanon approves first budget in a decade

Lebanon’s parliament approved the country’s first budget in more than a decade, restoring control over state finances and easing a long-standing political deadlock that has stifled development.

After three days of deliberations, 61 members of parliament voted to pass the budget while four voted against and eight abstained, state-run National News Agency reported late Thursday.

Parliament hasn’t passed a budget since 2005, a vacuum that led to unauthorised government spending and accusations of corruption. The passage of new legislation is the latest sign that governance is returning after the election of President Michel Aoun and appointment of Prime Minister Sa’ad Hariri late last year, which eased political divisions and led to the approval of long-delayed laws, including new election rules and oil and gas decrees.

The budget includes 23.7 trillion Lebanese pounds of spending this year, compared to 22.6 trillion pounds in 2016, according to the Finance Ministry. Revenue is expected at 16.38 trillion pounds, up from 14.96 trillion pounds, and the deficit is forecast to narrow to 7.28 trillion pounds from 7.45 trillion pounds.