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FPM issues an ambitious economic white paper

14-7-2017

The Free Patriotic Movement (FPM) launched yesterday its 3-year economic white paper based on cross-sectoral comprehensive plans. The said document requires setting up a ministerial economic council to develop schemes and recommendations to be discussed in the Cabinet, and at the same time to activate the Economic and Social Council. The above FPM paper has three main headings: encouraging investment and securing a competitive environment; raising the level of research and future sciences, and the development of remote and rural areas and equipping them with essential infrastructure. Other notes include: the expansion of the national economy; increase of exports and reduction of size of imports; securing social safety networks; reform of the judiciary; ending encroachment on public spaces and investment in natural resources, mainly assets. To realize set goals, the FPM called for structural reforms aimed at expanding the size of overall and potential GDP; boosting real economic growth between 3.5% to 5.25% in the next 4 years; creation of new jobs; gradual reduction of the substantial trade deficit. The FPM policy also called for putting in check the mounting public debt and reducing the overall size of public debt in proportion with the size of the national economy. On the fiscal and monetary front, the paper supports stabilization of the local currency in parallel with the necessary reforms as well as adjustment of the public finance to achieve a monetary format that clips inflation, stimulates growth and reduces debtor finance interest rates to stimulate lending. Other headings for the policy, call for reform of the tax system, review of the direct tax structure and improvement of tax collection. (Al Mustaqbal, An Nahar, Al Diyar, July 14, 2017) For the document, please visit the following link: http://nna-leb.gov.lb/ar/show-news/293928/

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