Lebanese minister presses for reforms after Moody's report

Combined Shape

BEIRUT (AP) — Lebanon’s finance minister says that the Moody’s Investors Service report that downgraded the country’s status shows the urgency of forming a new Cabinet and implementing economic reforms.

Ali Hassan Khalil’s comments Friday came a day after Moody’s changed Lebanon’s government issuer ratings outlook from stable to negative and assigned it the rating of B3.

Lebanon’s economy has been under pressure for years from the war in neighboring Syria, a debt of $85 billion equal to 150 percent of its GDP and little growth.

Prime Minister-designate Saad Hariri has not been able to form a Cabinet since May’s parliamentary elections because of political disagreements.

“The B3 rating reflects Moody’s assumption that a government will be formed in the near term and will implement some fiscal consolidation,” said Moody’s report.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation